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Ugandan Government Warns Citizens To Avoid Cryptos

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Cryptocurrecy, cash crisis, e-currency, blockchain

African governments are often derided for their use of applying similar methods (which are ineffective most times) when faced with problems. Like many-an-African government Ugandan leadership has come out and warned citizens against use of cryptocurrencies.

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The Finance Minister in Uganda has declared that the government doesn’t recognize cryptocurrencies and won’t be held responsible if anyone loses money whilst buying or selling cryptos.

Let me state clearly that the online cryptocurrency businesses are not regulated at the moment and therefore carry a significant risk of loss of savings, with no recourse to protection or insurance by the government

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Bank of Uganda Deputy Governor – Louis Kasekende

The Finance Minister also said the Central Bank in Uganda feels cryptocurrencies don’t meet all the requirements of a genuine currency (i.e they are not backed by assets). He also noted that they are used for fraudulent purposes, the go-to statement for any organisation cautious about cryptocurrencies.

The Ugandan government hasn’t gone as far as banning cryptocurrencies which could be a positive or negative depending on which side of the fence you lie on. In Zimbabwe, the RBZ took a similar stance and warned the public but later on, they issued an outright ban so if African governments do follow one leadership manual then crypto-enthusiasts in Uganda should brace themselves for a hard landing.

Also read, RBZ Has A Strategy For Fintechs And Cryptos: Bureaucracy


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