Africa has recently become one of Bitcoin newest and greenest pastures. Freedom and instant transactions have lead to a huge boom in remittances being made via the digital currencies. It comes as positive news as the UN officially released details about a meeting held in the country dedicated to discussing the issues surrounding Bitcoin administration and focused on the regulation of Bitcoin throughout the country.
The conference aimed to ensure Uganda would be the first country in Africa to enforce legislation and regulation regarding Bitcoin and its users.
#”I was inspired to engage with policy makers and regulators in order to investigate whether states could develop policies and regulation that encourage innovation while protecting the private rights and interests of users of virtual currencies.”
The meeting was considered a success by organizers with future dates already set it is hoped through education the right policies may be drafted and legislation enforced. In partnership with the national bank and private and public figures the meeting was also backed by the United Nations African Institute for the Prevention of Crime and the Treatment of Offenders.
“Another concern is how to mitigate any risks in order to protect the public interests, but without stifling innovation,” Mapp explained.
To conclude, the initiative in Uganda on Bitcoin regulation is set to continue further into the future and it is hope the currency is given official recognition under new regulations and can be administered proficiently. While speakers did understand the bewilderment and ignorance surrounding the Bitcoin technology it was particularly understandable considering Bitcoin is still in a growing stage. If you want to purchase some Bitcoin head over to the NairaEX site to purchase Bitcoin at market premium rates and have it delivered within hours!