Uganda’s Minister of Finance, Planning and Economic Development Matia Kasaija has warned citizens against the use of CryptoCurrencies saying the government doesn’t reorganize any Crypto Currency as a legal tender.
ICT Industry

CryptoCurrency business is done in Uganda illegally – Kasaija

Uganda’s Minister of Finance, Planning and Economic Development Matia Kasaija has warned citizens against the use of CryptoCurrencies saying the government doesn’t reorganize any Crypto Currency as a legal tender.

The Minister who was addressing a Press Conference at the Uganda Media Centre in Kampala this morning said the government has not licensed any organization to sell cryptocurrencies and to facilitate the trade or exchange of cryptocurrencies.

“Unlike other owners of financial assets who are protected by the government of Uganda regulation, holders of cryptocurrencies in Uganda do not enjoy any consumer protection should they lose the value assigned to their holdings of cryptocurrencies,” said Kasaija.

A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions on a ledger that is typically publicly viewable.

A community guarantees the authenticity of the transactions in addition to the creation of additional units of the currency.