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Global Government Institutions Embracing Crypto

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Updated 6 Jun 2022

Key points:

  • Bermudan government pushes on with crypto hub plans
  • Bank of Uganda welcomes crypto firms
  • El Salvador and the Central African Republic still leading the move to Bitcoin

The global landscape for cryptocurrencies continues to develop, with two recent notable developments on the international stage, in Bermuda and Uganda. These advances have highlighted global governmental moves toward cryptocurrency adoption seen since El Salvador and more recently the Central African Republic have moved along this path.


Bermudan government pushes on with crypto hub plans

The past week has seen Bermuda’s Minister of Economy and Labor, Jason Hayward, state that the island state will continue to push forward with its plans to be a cryptocurrency hub. Notwithstanding the losses to cryptocurrencies in 2022 and the more recent failure of the Terra ecosystem, on 3rd June kin an interview with the Wall Street Journal he stated that “We are aware of the recent devaluation in the price of cryptocurrencies and remain confident that it does not threaten the island’s ability to become a crypto hub”.

Also Read: Five Best Cryptocurrencies to Stake Now

Bank of Uganda welcomes crypto firms

The central bank in Uganda, the Bank of Uganda (BoU) has welcomed cryptocurrency firms to join in its Regulatory Sandbox. In a letter to the Blockchain Association of Uganda (BAU) dated 1st June 2022, the BoU has invited the BAU members to share knowledge with BoU technical teams and test under the Regulatory Sandbox. This positive step is an apparent about-face from a starker warning to payment service providers found facilitating the trading of cryptocurrencies would have their financial license revoked. The more recent, positive step from the BoU comes in the wake of more progressive adoption of cryptocurrencies elsewhere in Africa, mostly recently and notably by the Central African Republic.

El Salvador and the Central African Republic still leading the move to Bitcoin

Although El Salvador was the first country to adopt Bitcoin as legal tender, the Central African Republic announced in April that they had adopted Bitcoin as an official currency. Then, in late May they stated that they will launch Africa’s first legal cryptocurrency investment hub. The Central African Republic is one of the poorest nations in the world and is still in the grips of a civil war that has lasted nearly a decade. Although the adoption of Bitcoin and a cryptocurrency investment hub may seem pipedreams to many, President Faustin-Archange Touadéra is looking to reshape his country's (and Africa’s) economic philosophy.