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Uganda seeks to ban crypto payment platforms: Report

Uganda seeks to ban crypto payment platforms: Report 9

The Central Bank of Uganda is working to kick out the digital assets payment provider platforms from the country.

The citizens of Uganda have a better interest in cryptocurrency-based investment. Ugandans invested around $4.8 billion between March 2019 and March 2022. Right now, under the order of the Central Bank of Uganda, crypto assets are not legal tender, so no one entity is required to use cryptocurrency transactions for payment purposes. 

Last week, the Bank of Uganda (BoU), the Central Bank of Uganda, issued a warning against the crypto payment services providers to stop giving services, which help citizens to facilitate payment funds via crypto networks.

The statement also read: 

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“We are also aware that such a conversion cannot happen without the participation of the payment service providers.”

Through the issued statement, BoU noted that such kinds of decentralized payment systems are responsible for the evolution of criminal activities, and also help to buy any illegal items online.

Interestingly, Here they didn’t mentioned the impact of the crypto-based payment platforms on the traditional payment system or traditional economy of the country.

Earlier, in February 2021, the parliament of Uganda started to talk about the Ponzi schemes, which were associated with the Cryptocurrency involvement.

According to some prominent members of the Ugandan Parliament, many citizens lost their money in Cryptocurrencies associated with online schemes in the past. 

At that time, David Bahati, state finance minister of Uganda, stated that govt established a special agency against such activities, and at the same time he warned citizens to remain away from any kinds of crypto exchanges, like Binance, Local Bitcoins, Kraken, Sex, Coinmama, OkCoin, and Changelly.

The finance minister added: 

“The challenge is that operators of such schemes register as financial institutions but when they get on the ground, their operations are different.”

A petition of January 2021 unveiled that around 5000 citizens of Uganda lost around $2.7 million in the Dunamiscoins scam. And that case was a big reason for the government agencies of Uganda to take action against Cryptocurrencies.

Read also: El Salvador adds 500 Bitcoin to the country’s fund

Uganda seeks to ban crypto payment platforms: Report






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