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.
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