Uganda Warns Against Crypto

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.