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Africa Blockchain Conference Set to Hold in Uganda

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Uganda is set to host the “African Blockchain Conference” in Kampala. Uganda, which is one of the East African countries that is representing Africa in the blockchain space.

The Conference which is scheduled to hold on May 23 and 24 is massively supported by the Ugandan Government in Kampala at the Kampala Serena Hotel. The conference, which is scheduled to host policymakers, leaders in Industry, academia, youth, entrepreneurs and blockchain enthusiasts. is themed: “The role of Blockchain Technology in Africa’s transformation.”

The Blockchain Conference which was made possible by the Ministry of ICT and National Guidance, Stanbic Bank, and Binance Foundation is the backbone for the event.

Blockchain technology is a distributed ledger platform that allows creation and management of decentralized systems and processes, which enhance efficiency and transparency of transactions across institutional or business operations. Blockchain Technology, also described as the ‘technology of trust’ is disrupting and redefining traditional governance and business models across the world from the way information is created, managed and shared to the way products and services are delivered.

 

Chairman of the Blockchain Association of Uganda, Kwame Rugunda made remarks on the need to change Africa’s lag in innovation while addressing the journalists at the Association offices at the Nakawa Business Park. He also corroborated the remarks made by the President Yoweri Museveni regarding the need to change Africa’s lag in innovation. While addressing delegates at the World Customs Organization Conference in March 2018, President Museveni told delegates that Africa has largely missed out on the industrial revolution, but however stressed that Africa should not be left out in the current digitalization process going on. Stating that Africa is entering the digital revolution and that “Africa will not miss out again!”

While reiterating these same remarks, Kwame Rugunda, explained that:
“Africa is at the right time to adopt this technology. “We have already seen glimpses into how it is disrupting traditional models in areas such as finance, procurement, insurance, health, identity management, contracts, governance, to mention but a few. Now is the right time to engage with this novel technology, because each wave of technology presents a profound opportunity, particularly for the early adopters,” he said.

The goal of the conference is to drive engagement from both the public and private sectors of the economy by sharing ideas and understanding how things are done to speed up the adoption process and also focusing on how to build a blockchain eco-system and position ourselves to be a part of the global discussion.

The conference panellist which will comprise of stakeholders who will be building a case for the adoption of blockchain technology in Uganda and in Africa. The topic of discussion will include governance, regulation and policy, cryptocurrencies and digital assets, cybersecurity, innovation and technology, risk and investment opportunities among others and the speakers would majorly be from the African continent.

Some of the immediate benefits of using blockchain include enhanced efficiencies with greater transparency and accountability in our business and governance systems which are key factors in enabling Uganda to become an investment destination, and catapulting our economic growth” Rugunda noted.

We are actively engaged in the discussions on blockchain and have collaborated with different stakeholders to ensure we have the right information to advance our agenda as government,” The Permanent Secretary at the Ministry of ICT and National Guidance, Vincent Bagiire affirmed.

The government is keen on embracing the technology because the government recognizes the growing trends in the technology sector and is positioning itself to be at the forefront so as to take advantage of these opportunities. The blockchain conference would focus on showcasing the relevant and different use cases in different sectors to demonstrate the value and importance of blockchain technology.

According to Stanbic Bank Head of Information Technology, Herbert Olowo, “Blockchain technology offers lots of benefits to the overall development and transformation of Africa and more importantly of Uganda. At a very high level, it will play a large role in improving operational efficiency both in the private and the public sector.”

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Trouble Looming for Bitcoin with Stocks Plunge?

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Trouble Looming for "risk-on" Assets with Stocks Plunge?

Could bitcoin and other “risk-on” assets be open to a possible plunge alongside the traditional stock market?

With what is happening in the stock market, inferences could easily be drawn that social media (tweets particularly), not only affect the traditional markets but also has real-time effects on digital assets. With a recent revelation from the United States president-Donald Trump, where he makes plans to increase the tariffs on Chinese-made commodities from 10% to 25% in a few days time, global assets like stocks and bitcoin BTC, recorded a minus in the market.

Bitcoin Records Slight Dip with Trumps Chinese Tariff Statements.

While many will argue that President Trump’s intentions had a good possible economic result, the stock market took the news quite badly. As at 1 pm today, Futures for the S&p 500 were 1.75% down and this would invariably mean an open red. More so, as of the time of compiling this article, there exists a whopping drop for the SSE Composite Index of about 5.35%, which means the loss of billions of dollars in less than 24 hours.

Just as we mentioned earlier, bitcoin also recorded some losses alongside its counterparts in the traditional exchanges. this was pointed out by a crypto trader who saw this trend as the Monday Asian market opened. In this trading path, BTC fell in indicating a negative reaction to the tariff threat of the U.S. President.
If we argue that BTC price loss could be coincidental, we might also need to take a look at a similar situation where BTC lost almost the same value to the Hang Sang withing the same time frame. This is yet another proof to show that though BTC is sadly still vulnerable, it also now responds to market forces.

More insights show that cryptocurrencies are risk-on and this means that investors in these areas are particularly interested in markets trending higher.

Bitcoin To Become Safe Heaven As Digital Gold

From all the information provided above, it is clear that bitcoin maybe conforming to traditional markets’ risk-on assets after all.
Many might not have heard already, but bitcoin, alongside all other cryptocurrencies, have been disregarded an in fact touted as an uncorrelated asset. Check this out in the CNBC interview a few months ago where Anthony Pompliano of Morgan Creek mentioned that the correlation between BTC and the S&P (SPX) was practically non-existent. A confirmation was put forth by Three Arrows Capital’s Su Zhu, showing that given “high prices and low prices, high volatility and low volatility, the correlation between the aforementioned assets is still near-zero.

All of the correlations confirmed this Monday, have gone to validate the John Normand theory that gold remains a better safe haven or hedge against downturns than Bitcoin. John is the Head of JP Morgans’s cross-asset management arm.

According to optimists, Max Keiser’s explanation of a possible break-even for the digital asset class is a thread strong enough to hold onto. Max is of the opinion that BTC will eventually become a “risk-off” asset, hinting at a few characteristics that make it a form tradeable money.
Amongst many reasons for his belief are that BTC is a non-sovereign, decentralized, censorship-resistant and easily- transferable asset that is deliberately scarce and is not controlled by the whims of central banks and the various existing financial institutions.

The market and consumers alike may need a bit of a nudge in the right direction to truly comprehend this fact, and this is predicted to come from the impending financial crisis which experts say is much around the corner.

Have your say in our comments section below.

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Fructus Integrating Bancor Protocol to Provide Continuous Token Liquidity

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Fructus has announced its integration of the Bancor Protocol to provide continuous liquidity for the Fructus platform.

 

By integrating the Bancor Protocol, Fructus token holders will gain access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network, where any integrated token can be automatically converted to any other directly from the Bancor Wallet or any Web3 wallet, such as MetaMask

 

The Fructus Token will become instantly convertible with ETH, EOS, BNT (the Bancor Network Token), GNO (Gnosis), BNB (Binance) and more than 130+ ERC20 and EOS-based tokens in the Bancor Network.

 

 

Fructus is aiming to change the business of fresh produce trade and delivery. Starting in the diverse agricultural landscape of Europe, we see an opportunity to scale and change the world

 

 

About Fructus

We believe we can solve global problems regarding fruit and vegetables. Big problems concerning products being GMO’s (Genetically Modified Organism) or 100% organic, expiration date fraud and food waste.

 

 

The way we solve these problems is by making the supply chain for fruit and vegetables transparent.

 

All transactions are processed and registered in the blockchain, giving all parties involved the ability to keep track of products and payments. Customers can see where products are coming from and what was used to help grow the crop. Suppliers can find customers connect without a grocery store in between, keeping products clean and fresh and reducing the food waste.

 

 

Together we can make a difference, so join the Fructus Community and support Fructus.

Visit Fructus to know more about the fruit-safety blockchain project.

 

About Bancor

Bancor is the world’s largest decentralized liquidity network. Bancor functions similar to a decentralized exchange, with a key difference: orders are processed against automated smart contracts on the blockchain, instead of matching two parties in a trade. Any project can easily integrate their token by creating a Relay on the Bancor Network to automate fair and efficient token conversions for users, directly from their wallets. Tokens on Bancor are instantly convertible for one another, with 8000+ trading pairs across ETH, EOS, DAI, BNB & more.

Bancor technologies impact organizations and people across the globe, from blockchain teams to token holders to real-world communities in Africa, Asia and beyond. Visit the Bancor Web  to convert tokens instantly, list your token on the Bancor Network or join the Bancor Telegram group for more information.

 

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Cryptocurrency Prices are Plunging Again and Here’s the Reason

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It has been a tough week with news of a sharp decline and a looming bear market. It seems cryptocurrency is taking a harder hit as compared to the traditional market. Bitcoin fell as far as 75% from its ATH in December. There are a few possible negative catalysts for the plunging of cryptocurrency prices as bitcoin is not the only one to take a hit. Other digital currencies have experienced their fair share of loss this past week. But what could be the reason for the bear market?

Bitcoin Hash Wars

The bitcoin cash network forked from Bitcoin (BTC) last year after a bitter fight between the developers who managed the community. This year another argument arose in the Bitcoin Cash camp that led to the network splitting into two groups. The new fork created two new cryptocurrencies, Bitcoin ABC and Bitcoin SV. What this disagreement in the BCH camp has caused is a chaos in the market. Exchanges had to go through a tough time decoding which cryptocurrency they wanted to trade while the market was hit with a panic as bitcoin dropped.

Unregulated Exchanges

Cryptocurrency exchanges often enjoy a certain freedom. There’s no watchdog watching over their neck and this has led most investors into dumping in a lot of funds. Bitfinex a crypto exchange has been called out for using Tether Coin to artificially pump up the price of bitcoin and other digital tokens. Researchers at the University of Texas published the evidence and investigation are ongoing to determine if the price manipulation is true.

Tough Regulations

The Securities and Exchange Commission is clamping down hard on companies violating the securities law with their offerings. Across the world countries like India and China are taking crypto regulations seriously and clamping down on crypto companies. Just last week, the SEC fined two companies $250,000 each for failing to follow the proper laws for registering securities. Paragon, one of the firms, is working to legalize cannabis and utilising cryptocurrencies.

We do not know how long the bear market would hold, however, some crypto analysts are sure it wouldn’t be for long. Some even think it’s the market’s way of testing those with weak hands and shaking them out.

 

 

What do you think might be the cause of the bear market? Share your opinion with us in the comment section below.
Image credit: Pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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National Cryptocurrencies; Is There a Need?

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Cryptocurrency is gaining rapid popularity and countries which were once sceptical of it are now adopting it. The first cryptocurrency, Bitcoin was created in 2009 and since its creation, there have been more than 1500 different crypto tokens on the market. Although it is not sure how many of these coins will survive or make a difference in the world. For a while, most countries in the world remained sceptical while some adopted a regulatory approach regarding cryptocurrencies. However, more countries are beginning to see the benefit of cryptocurrencies. Countries like Venezuela and Cambodia have already had a National cryptocurrency country like Russia, Estonia, Denmark, China, Canada, Iran have also revealed their intention to develop their own national cryptocurrencies.

An Escape Route

There are many reasons why these countries adopt cryptocurrencies.
Venezuela, for example, released the
Petromoneda in February 2018 as a means of avoiding U.S sanctions and accessing international financing. The country had been faced with hyperinflation and coupled with the sanctions from the US, the economy was practically crumbling. Basic amenities such as food, water and healthcare services became difficult to access. Initially, the government was rigid with those mining cryptos in the country but, after it came up with its own cryptocurrency, mining became acceptable.

Cambodia is also facing threats of international sanctions and on Wednesday 7th March, 2018 the Deputy Prime Minister  of Cambodia, Men Sam during a blockchain summit held in Phnom Penh launched Entrapay, the Cambodia national cryptocurrency. He explained that, “the connection between integration payment of encrypted currency and the real world. It has the great potential to even replace Visa as the new mainstream payment mode.”

Sustaining the Country’s Financial Infrastructure

Countries like Russia, Iran and North Korea are also venturing into creating a national cryptocurrency. The Russian national cryptocurrency – the CryptoRuble is set to launch in the middle of 2019, the currency is likely to be tied to ruble. However, instead of decentralized mining it will be issued, tightly controlled, and monitored by the government. Most of these countries are trying to use the cryptocurrencies to help sustain their financial infrastructure.
The Chinese government is also looking to create a national digital currency. They aim is to control the total money flow in and out of the country. This will enable the central bank issue and distribute money thereby reducing cost of transactions and creating more accessible money services.

The Other Side of the Coin

However, there is another side to having a national cryptocurrency. Cryptocurrency refer to a currency that is digital, decentralized and distributed and the term “national” negates that purpose. Having a national cryptocurrency will grant the government full control over the money flow and this is not the true purpose of cryptocurrencies.

 

What do you think about your country having a national cryptocurrency? Share your opinion with us in the comment section below.
Image credit: pixabay,

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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