submitted by /u/Jskenow
Despite global market doldrums, demand for cryptocurrency appears to be booming across Uganda, a country where nearly three out of four people don't have bank accounts.
Revealed exclusively to CoinDesk, Binance Uganda signed up 40,000 users in the first week since the world's largest crypto exchange launched its local subsidiary in October.
The early results suggest a strong appetite among unbanked Ugandans for purchasing bitcoin or ether, the two coins the new Binance unit currently lists.
According to a paper by Stanford University researchers recently published in the American Economic Journal, 74 percent of Ugandan households are unbanked. As such, Binance's chief financial officer Wei Zhou told CoinDesk:
Aside from the local focus, the effort differs from Binance's flagship global trading platform in at least two other notable ways.
Let's discuss commodities; With the latest Enron situation, it is important to understand the way things work. A commodity is anything useful, especially a transportable agricultural product or mining product. This comes from the Latin word "commoditas" meaning roughly advantage, convenience. So then what is a commodity? Well we consider Gold, Silver, wheat, corn, pork bellies, coffee, etc all commodities. If you look in the back of the WSJ or Investors Business Daily you will see a listing of all the commodities traded on the commodities exchange. Enron made some errors no doubt, but let's not judge all commodity markets in haste. Commodity trading works best when there is a stable instrument of trade. Sometimes the instrument of trade is actually the commodity. If you looked most countries of the world today you would find that there are three basic instruments of trade; money, as in currency, precious metals and gems, drugs; like cocaine, opium, and