PIC: URA lawyer, Solomon Rukundo (in a suit) was one of the participants in attendance at the symposium. (Credit: Titus Kakembo)
KAMPALA – A block chain symposium at Tulip Hotel, unraveled new ways of doing business to; ministers, potential and ambitious investors.
They were tipped on Crypto-currency and Block chain which are currently the way to go.
“When facebook and the internet came to be,” said a facilitator from Birmingham University, Dr Maureen Mapp.
”It was a laughing matter to some on-lookers. A few years down the road and life spins around them.”
Mapp stressed that so is Crypto-currency and Block chain offering an opportunity for payment and investment technology which are broadly termed Fintech.
“They are viewed as disruptive to traditional systems that are bound to challenge domestic monetary institutions,” said Mapp. “But studies show that mobile internet penetration has been above 23 percent since 2015.”
And that it contributes to social and economic development across the continent of Africa.
“The contribution of mobile technology and services contributed 5.7% of GDP ($120billion) worth of value,” revealed Mapp. “And it is expected to shoot to $160billion by 2020.”
In his opening statement, the director United Nations African Institute for Crime and the Treatment of Offenders (UNAFRI),John Kisembo said the history of Crypto currency dates back to 2016.
“That is when we had a cross section of players to address risks and protect the wanainchi (citizens),” said Kisembo. “Its use as a medium of exchange of goods and services has since grown especially in the city folks.”
Ivan Kintu of Cryptocurrency Evolution Ltd said currently, the market has Bitcoin, Swiss coin, Billion coin, Hard cash and One Coin.
“These include miners and investors,” said Kintu. “What makes it tic is this. Go bank your $300 to any monetary institution.Then go to withdraw it after three months. Chances are that you get less but more with Cyptocurrency!”
In Philipines, Thailand and USA people are already purchasing essential commodities using Cryptocurrency.
“”I remember when Bitcoin was introduced in Uganda it cost sh250 in the promotion season,” confided Kintu. “Three years later it has shot to sh10m which is an increase of 2500 percent.”
Asked if the cost of sh10m limits it to the rich, Kintu said there are operations that cost sh50,000 called Change.
“In Uganda, there are more than one million clients.”