Connect with us

Bitcoin

Uganda Govt Warns Public Against Cryptocurrencies

M. Ali

Published

on

Matia Kasaija, Uganda’s minister of finance has warned the public against dealing in Bitcoin and other cryptocurrencies as crypto is currently not regulated in Uganda.

He also added, the fact that they are not backed by any assets makes it a high-risk venture. When one loses, they lose everything and no one is compensated.

The government of Uganda has not licensed any organization in Uganda to sell cryptocurrencies or to facilitate the trade in cryptocurrencies and so these organizations are not regulated by the Government or any of its agencies

Matia Kasaija said

Addressing journalists at the Uganda Media Centre in the capital city Kampala on Monday, September 30, 2019 Matia Kasaija said, The nature of cryptocurrencies make them attractive for use in criminal transactions such as money laundering, sale of prohibited goods and services, and fraudulent venture such as Ponzi and pyramid schemes. In conclusion, the public is advised to appraise themselves of the risks associated with cyber-currencies, and exercise caution before they make transactions involving such products.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

Continue Reading
Advertisement
Comments

Bitcoin

VP of Egypt’s EAFIS: Crypto Currencies are the Future

M. Ali

Published

on

By

Mohsen-Adel-View-Of-Bitcoin

Mohsen Adel, Vice President of the Egyptian Association for Finance and Investment Studies (EAFIS), said in an interview with Youm7 (a private Egyptian newspaper), that the phenomenon of (virtual) electronic currencies has recently spread in the global economy, specially Bitcoin.

He added, “Bitcoin” is a decentralized cryptocurrency-based digital currency, which is a decentralized currency that is not controlled by non-users, Bitcoin has became so popular lately but it’s only problem that it cannot be monitored by the government entities or the central bank like the regular fiat currencies.

He also added, China is preparing to launch their cryptocurrency, which has become a smart solution for the Chinese to handle the current trade war with the United States.

He pointed out that he recently noticed that many Egyptians use these crypto currencies via the Internet and we see that dealers are exposed to frauds as a result of using this type of non governmental regulated insecure payments.

Yet, he believes that the importance of cryptocurrencies will grow in the future. Cryptocurrencies are the currencies of real free-market economies. Their future depends on the confidence they inspire consumers.

The Egyptian Society for Finance and Investment Studies was established in 2010 (according to the Egyptian Civil Associations Law) by a group of investment experts in Egypt.

The Egyptian Association for Finance and Investment Studies works to serve certain goals, the most important of which is to support the basic concepts of the non-banking financial services industry, especially the field of financial markets, in addition to disseminating the basics of studying investment approaches among many sectors of society and developing the investment climate by spreading sound investment awareness.

Continue Reading

Bitcoin

Drug Dealer Loses Private Keys For $57m Worth of Bitcoin

Sying Tien

Published

on

bitcoin

An Irish drug dealer who decided to hide his fortune in Bitcoin has lost the private keys to his wallets that contained around 6,000 Bitcoin (around $57m) on them.

According to Irish Times, The drug dealer lost his keys after hiding them with his fishing rod, which has gone missing. The dealer bought most of the bitcoin in late 2011 and early 2012 using cash he made growing crops of cannabis.

In early 2017 he had around 6,000 bitcoin in one account but he feared it may be too easy for a hacker to hack it so he decided to spread his Bitcoin fortune across 12 new wallets and transferred exactly 500 bitcoin to each wallet.

He then printed out the private keys for his newly created accounts onto an A4 piece of paper and hid the paper inside the aluminum cap of his case containing his rod at his rented house.

He was arrested for growing weed at his house in 2017 and jailed for five years. The landlord decided to clean up the house and trough the dealer’s belongings away to a dump.

Garda officers said they were hopeful advances in technology would one day enable them to access the bitcoin so it could be sold.

Losing private keys to crypto wallets is a genuine problem for crypto that needs to be solved.

Continue Reading

Bitcoin

Egypt’s Dar Al Ifta: Using Bitcoin and Other Virtual Currencies Are Forbidden in Islam

M. Ali

Published

on

By

Egypt-Bitcoin-Islam

Egypt’s Dar al-Ifta, the Egyptian state-run Islamic institution assigned to issuing religious edicts, said on Thursday that egg freezing is permissible in Islam.

In a live video broadcast on Dar al-Ifta’s official Facebook page , Sheikh Awaida Othman, director of Fatwa administration, and the Secretary of the Fatwa in the Egyptian Ifta House, answered one of the questions posted during the live stream asking about Bitcoin, and if it’s allowed in Islam. The Sheikh answered question, saying: “It is not permissible in Islam to use Bitcoin, and we have issued a detailed fatwa before regarding this”.

Last year, Egypt’s Counselor of the Republican’s Mufti, Dr. Magdy Ashour, proclaimed that Bitcoin is pretty much a no-go as far as Sharia is involved, on the basis that its dealings might not be very Halal, given that you don’t know the morality behind any of the transactions involved with Bitcoin, and even going so far as to claim its use a tool to fund terrorism.

This is by no means the first time Bitcoin has received notable backlash in the country, hearkening back to the Head of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran’s in 2017 statement that Bitcoin is pretty much illegal in Egypt and urging interested individuals to keep a distance from the cryptocurrency.

Continue Reading

Popular