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Uganda Warns Against Crypto

Fabiola S. Arcuri

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Louis Kaskender, deputy governor of the Central Bank of Uganda delivered a speech at a meeting of the town hall of Masaka City and issued a warning to the public on the risks associated with cryptocurrency transactions.
Dr. Louis Kaskender’s concern about the unregulated nature of cryptocurrencies and how risky it is to put all the money into cryptocurrencies. He said:

Online business money encryption is not regulated, there is a significant risk of loss of savings, without relying on government protection or insurance, such as commercial banks and other financial institutions subject to supervision.

Since cryptocurrency is a decentralized system and there is no central authority to monitor transactions, Kaskender believes that the cryptocurrency of the exchange is a very large bet. So he added:

The central bank has not “completely supervised all financial services companies and institutions”.

Only commercial banks, exchange offices and remittance service providers can enter the terms of reference of the central bank. This is a bold statement that the central bank will not promote the exchange of cryptocurrencies because such transactions go beyond the scope of the bank.

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

Sying Tien

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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.

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

M. Ali

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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.

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PrivCoin Shuts Down Due to Extensive Regulations

Sying Tien

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The team behind PrivCoin , the nonprofit cryptocurrency mixer has decided to shut down the website due to “new and extensive regulations” in the European Union. PrivCoin will be donating all of their profits to charities.

A screenshot of PrivCoin’s announcement

PrivCoin offered cryptocurrency mixing service, which is a service that mixes different streams of potentially identifiable cryptocurrency. This improves the anonymity of transactions, as it makes crypto harder to trace. PrivCoin used to be the only online service that offered Bitcoin, Ethereum, Litecoin and Bitcoin Cash mixing in a safe and fast way.

PrivCoin’s services were recommenced by some of the big DarkWeb markets such as Empire Market.

Last week, US authorities have arrested and charged an Ohio resident for running “Helix “, a Bitcoin mixer service that supposedly helped criminals disguise the origin of Bitcoin transactions.

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