The Deputy Governor of the Bank of Uganda warned the public against the investment in unregulated cryptocurrencies during a Town Hall Meeting, because of the limited protection they offer.
The deputy governor pinned the risk of cryptocurrency trading and adoption stating that ;
Online cryptocurrency businesses are not being regulated at the moment hence citizens are at risk of loss of savings with no protection and insurance from the government.
He stated that the central bank’s supervision covers commercial banks, credit unions, foreign exchanges, and other centralized financial institutions.
This news comes prior to the 2019 Africa Blockchain Conference, which the President of Uganda, His Excellency Yoweri Moseveni is officiating, a conference meant to prepare Africans for the fourth industrial revolution.
With Uganda facing the menace of corruption as senior officials of the Bank of Uganda were charged with corruption, this looks like the perfect time to hail the need for a system such as the blockchain and Bitcoin in the country’s financial sector as the benefits of such a system include transparency hence dealing with matters of corruption.
The educational sector in Uganda is not being left out in cryptocurrency adoption as a Ugandan based NGO signed a Memorandum of Understanding with Binance’s charity organization seeking to improve the local education in the country.
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