The blockchain technology and cryptocurrencies are some of the newer technologies disrupting the financial landscape currently. It is also evident that these technologies are going to disrupt a lot more industries based on the shifting market trends.
During the Africa Blockchain Conference 2018, in Kampala, Uganda, the CEO of the largest crypto exchange by volume, ChangPeng Zhao, spoke about this disruptive nature of cryptocurrencies and what banks and governments need to do about it.
“The fact that a banker doesn’t want to talk about it is a bit concerning, but I think they have no choice . . . . I think many banks and governments misunderstand cryptocurrencies as a threat, but if they actually understand it, it’s a huge opportunity.”
Binance recently partnered with Stanbic Bank Uganda and CryptoSavannah to open Binance Uganda – the first Binance fiat-crypto exchange – allowing Ugandans to purchase cryptocurrencies directly.
Fear It or Embrace It
As with any new technology, one can either fear it and not touch it, or decided to embrace it, understand it, and see how one can take advantage of it.
Blockchain technologies and their underlying products, cryptocurrencies, are not going away anytime soon, and are well positioned to replace current systems which have failed to adopt to the new Internet economy. It’s just a matter of time before mainstream adoption happens.