The Ugandan Minister for Finance, Matia Kasaija has warned citizens against the use of cryptocurrencies.
During a media briefing on the status of cryptocurrencies in Uganda, Kasaija warned the public dealing in cryptocurrency that,” they do not enjoy consumer protection should they lose the value assigned to their holdings unlike other owners of financial assets who are protected by the government of Uganda.”
Moreover, Kasaija said that cryptocurrencies allow payment between parties without necessitating the need for a central intermediary such as a central bank or licensed financial institution.
Main cryptocurrencies such as Bitcoin and Ethereum lack proper licensing and regulations from any government agencies.
Kasaija alluded that the currencies threaten to promote terrorism because of anonymous payment thus promoting fraud.
On top of that, the minister stated that the Ugandan government does not recognize any Cryptocurrency as a legal tender in Uganda.
