(Kampala) – The Blockchain Association of Uganda (BAU) has launched the second edition of its blockchain innovation program, reinforcing Uganda’s position as a leader in blockchain technology in Africa.
Founded in 2017, the Blockchain Association of Uganda has worked tirelessly to address the knowledge gap surrounding blockchain technology. This gap has led to issues such as cryptocurrency scams, where many Ugandans were misled due to confusion between legitimate blockchain applications and fraudulent schemes. The association has made significant strides in educating the public and key stakeholders, such as the Bank of Uganda and the Capital Markets Authority, on blockchain’s true potential.
Kwame Rugunda, the Founding Chairman of the Blockchain Association of Uganda, explained the association’s inception in 2017. “We saw it happening elsewhere in the world, but in Uganda, there was no framework to guide blockchain’s development,” he said. The association was created by professionals in technology and finance to guide the blockchain industry in Uganda, advocate for proper regulations, and raise awareness of blockchain’s benefits.
A major challenge for Uganda’s blockchain sector has been combating misinformation and scams. Rugunda highlighted the rise of fraudulent schemes between 2018 and 2019, which led to significant losses for Ugandans. To counter this, the BAU embarked on awareness campaigns, working with key authorities and educating the public about the genuine uses of blockchain technology.
In addition to its educational efforts, the Blockchain Association of Uganda has focused on fostering collaboration within the blockchain ecosystem. The association has built partnerships with various stakeholders across Uganda and the East African region, including Startup Uganda, the Information Communication Technology Association of Uganda (ICTAU), and the Institute of Certified Public Accountants of Uganda (ICPAU). It has also extended its reach to neighboring countries like Kenya, Rwanda, and Tanzania, as well as Nigeria in West Africa. These collaborations aim to harmonize blockchain development efforts, creating a more unified blockchain community across the region.
The association’s leadership has recently undergone restructuring. Reginald Tumusiime, who now serves as Chairman, along with Vice President Edline Murung, has brought a fresh, dynamic approach to the association. With a team that brings expertise from various sectors such as finance, law, and technology, BAU is well-positioned to foster innovation and best practices within Uganda’s blockchain ecosystem.
In its next phase, the Blockchain Association of Uganda plans to focus on further enhancing regulatory frameworks, promoting safe blockchain practices, and deepening collaborations with both the public and private sectors. This strategic direction aims to address remaining knowledge gaps and regulatory needs, solidifying Uganda’s leadership in blockchain adoption within Africa.
