Binance one of the largest Crypto exchanges in the world announced that they will be rolling out their first Crypto-Fiat exchange in Uganda. Yes, that is right.

Changpeng Zhao, CEO of Binance told that their first Crypto-Fiat pairing would be launched in Ugandan Shilling which might come as a surprise to some people who were expecting a first world currency pairing like the Dollar, but CZ said that they are not just chasing the developed markets but also the developing markets like Africa.

CZ told Cointelegraph:

We think that crypto has a very strong use case in less developed countries… there’s more money to be made in a more developed country, but we want to distribute crypto to the rest of the world.

One of the reasons for entering the Ugandan markets first is because the venture there is progressing fast due to the strong support from the government and the regulators.

He said:

Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there.

There were rumors before that Binance will roll out Crypto-Fiat trading in USD, but was debunked by the CEO himself with this Tweet back in April.

While we can't predict the future, others keep attempting it on us. Both "news" are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive "crystal ball" news. — CZ (@cz_binance) April 20, 2018

But later in June binance announced that they will be adding Euro pairing this year, although their first step in entering the Fiat pairings is the Ugandan Shilling. We can expect more Fiat pairings this year and maybe even the USD sometime next year.

CZ Tweeted:

Exclusive for cointelegraph. First fiat exchange for #Binance. Not about profits, but about spreading crypto. https://t.co/zQ4grza6ui https://t.co/gWMXlgXhBp — CZ (@cz_binance) June 28, 2018

Source: Cointelegraph

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