Uganda has opened its doors to Africa and the rest of the world with the African Blockchain conference. The event has brought together policy makers, experts, and academia from across the globe to Uganda to discuss the theme; the role of blockchain technology in Africa’s transformation.
The event will focus on discussions such as governance, regulation and policy, cryptocurrencies and digital assets, innovation and technology, cybersecurity, and risk and investment opportunities.
The two-day event was opened by the president of Uganda Yoweri Museveni on Wednesday. President Yoweri declared that there was an urgent need to study the technology and understand how the risks it presents can be reduced and the benefits enhanced. The event organizers explained that Blockchain technology is an incorruptible digital ledger of economic transactions that can be programmed to record virtually anything of value and it is not restricted to just financial transactions.
Although, cryptocurrency, is the first use case of blockchain technology. It is a type of digital currency that is cryptographically secured and distributed on the network.
The Central Bank Governor of Uganda, Tumusiime Mutebile who is wary of cryptocurrency and has warned the citizens to beware of the risks involved has a different view of the blockchain. He views the blockchain as a revolutionary technology with the potential to change the way data is managed as well as doing business.
“We are here to talk about the blockchain technology and the opportunity it offers. Please note that cryptocurrencies and the technology that supports it, which is blockchain are two distinct things. Our focus today is blockchain technology, not cryptocurrency.”
He also defended the national currency saying,
“No cryptocurrency can match a well-managed national or regional currency. Cryptocurrencies do not have the privileges of legal tender and are not backed by a central bank, which ensures that supply of currency is adequate to meet the demand.”
On the other hand, Uganda’s minister of information communication and technology, Frank Tumwebaze was all about the adoption of the technology. He explained that Uganda will create a task force to find out how best the technology can be used. He explained the necessity of the blockchain event saying, “
This conference is vital to discuss blockchain technology that we’ve heard of. You can’t push technology, you must adopt it. Push it away, others will adopt it,” Tumwebaze said. We really hope that Uganda will begin the adoption process.