This archive report was first published on 1 October 2019.
On October 1, 2019, Ugandan Minister for Finance Matia Kasaija sounded a warning to citizens about the risks associated with cryptocurrencies.
During a media briefing, Kasaija emphasized that cryptocurrencies, unlike other financial assets, do not offer consumer protection to holders who may lose value in their holdings.
He noted that cryptocurrencies facilitate peer-to-peer transactions without the need for a central intermediary, such as a central bank or licensed financial institution.
However, Kasaija pointed out that major cryptocurrencies like Bitcoin and Ethereum lack proper licensing and regulation from government agencies.
The minister also expressed concerns that cryptocurrencies could be used to promote terrorism due to their anonymous payment nature, which may facilitate fraud.
Furthermore, Kasaija stated that the Ugandan government does not recognize any cryptocurrency as a legal tender in the country.
