KAMPALA – Uganda’s central bank has warned Ugandans to go slow on what he called unregulated currencies.
Speaking at a town hall meeting in Uganda’s South Western Region, the deputy governor of the Bank of Uganda Dr Louis Kasekende warned the public about the limited protections offered them when they invest in unregulated cryptocurrencies.
Cryptocurrency is designed to be beyond the control of anyone, Dr. Kaskende underscored the risks this brings for everyone, claiming that the lack of regulation can lead to losses.
“online cryptocurrency businesses are not regulated at the moment and therefore carry a significant risk of loss of savings, with no recourse to protection or insurance by government, like is the case with regulated financial institutions such as commercial banks.” Mr Kasekende said.
He said the central bank does not have comprehensive oversight of all financial services firms and institutions and that its supervision typically spans commercial banks, credit institutions, foreign exchange bureaus, and money remittance service providers.
Uganda’s President, Yoweri Museveni, is set to officiate at the 2019 Africa Blockchain Conference alongside his counterpart from Sierra Leone Bio.
Organised by the Block Chain association of Uganda, The conference, devoted to preparing the continent for the so-dubbed “Fourth Industrial Revolution,” will cover areas such as fintech, payment systems, and the future of education.
At last years conference, Mr Museveni blasted the central bank Governor Professor Emmanuel Mutebile calling him old fashioned for warning Ugandans about Crypto-currency, but it appears the central bank is digging in on its criticism of something designed to make them irrelevant.