The East African region is increasingly proving itself as a real field of application for new technologies including cryptocurrency and blockchain, showing its wide range of implementation and potential. These include the application of distributed ledger technology (DLT) in the agrifood sector, particularly in the six countries of the East African Community (EAC) which includes Uganda, Kenya, Tanzania, Rwanda, Burundi and South Sudan.
A large number of Ugandan nationals were left crying helplessly after being promised well-paying jobs at a fake cryptocurrency company which abruptly went into rigor mortis with citizens losing over 10 billion Ugandan Shillings (UGX) (approx. $2,715,100).
In an effort to become a strong cryptocurrency and distributed ledger technology hub in Africa, Uganda has issued the first license to create a free zone for Bitcoin, blockchain and other developing technologies. The Uganda Free Zones Authority (UFZA)issued a license to designers and developers to launch a free zone focusing mainly on DLT innovations.
Volvo Cars, a Swedish luxury vehicles firm and a subordinate of the Chinese automotive firm Geely, has manufactured the first-ever cars using reprocessed cobalt delineated with the help of blockchain tech and has further entered an isolated initiative to oversee cobalt from different mineral-rich countries including the DR Congo (DRC), Uganda and others.
The government of Uganda wants to apply blockchain to curbing the distribution and sale of counterfeit drugs in the country. The announcement was made by the Country’s president on twitter mentioning the use of the tech in pharmaceuticals in Uganda. The government is keen to find a solution for the rampant counterfeiting in the country through innovations.
The financiers of the Special Antitrust Unit in Verona, Italy, have managed to seize around 93 social pages and 7 websites where cryptocurrencies including OneCoin were offered to people while promising them quick massive returns and earnings.
Uganda's Financial Intelligence Authority (FIA) plans to review the law on anti-money laundering so that it can include crypto assets, according to a November 14, 2018 report from nilepost, a local news outlet.