Uganda enters blockchain era with $5.5B RWA project

Uganda’s Diacente Group partnered with Global Settlement Network to bring $5.5 billion in real-world assets on the blockchain.

Summary

• Uganda’s Diacente Group partnered with the Global Settlement Network
• The two firms plan to bring $5.5 billion in real-world assets on the chain
• Firms also unveiled a new ‘CBDC’ backed by Uganda’s treasury bonds

Uganda is being positioned as the launchpad for what could become Africa’s largest tokenized economy. On Wednesday, October 9, Uganda’s Diacente Group partnered with Global Settlement Network to put $5.5 billion in real-world assets on the blockchain, according to a press release shared with crypto.news.

According to the two companies, these assets will include agriculture, minerals, renewable energy, and trade. According to the two firms, the project will help economic development in the country and beyond. Notably, tokenization should help reduce the reliance on intermediaries and ease access to global capital.

Uganda to get digital currency

Separately, the two companies also partnered to launch a “CBDC” pilot, a digital currency backed by Ugandan treasuries. The token will launch on the GSN’s permissioned blockchain and enable investors to participate in Uganda’s RWA economy.

According to the two firms, the project supports Uganda’s Vision 2040, the African Union’s Agenda 2063, and the goals of the African Continental Free Trade Area.