Technology

Uganda: Central Bank Warns Cryptocurrency Users

The Central Bank of Uganda (Bank of Uganda, BoU) considers the use of cryptocurrencies illegal in the country, said the director of the national payment system BoU, Andrew Kavere, warning the public against using these means of payment. .

The Central Bank recalls that “not a single company in the country has been issued a license to provide cryptocurrency services,” adding that “all structures offering these services on its territory operate outside of any legal framework.”

“BoU has taken note of press articles and advertisements advising the public to convert cryptocurrencies to mobile money and vice versa (…) We would like to inform you that the Bank has not granted any license to any institution to sell cryptocurrencies or facilitate their trading” , — reminds the Central Bank.

Back in 2019, Ugandan Finance Minister Matia Kasaya hinted that his country would not recognize cryptocurrencies as legal tender, warning that “Crypto holders in Uganda do not enjoy any consumer protection as they lose the value assigned to their crypto.” holdings”.

Until this date, only two countries, El Salvador and the Central African Republic, have “officially adopted the cryptocurrency (Bitcoin) as their official currency.”

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