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Cryptocurrency involves the risk of loss of savings - Central Bank of Uganda

2019-06-28 10:00 am | Resource: News Section | No Views : 70

Cryptocurrency involves the risk of loss of savings - Central Bank of Uganda The Deputy Governor of the Bank of Uganda has warned the public of the limited protection offered to them when investing in unregulated cryptocurrency, the English-language New Vision reported on Friday (June 28th).
The Deputy Governor of the Central Bank of Uganda, Dr. Luis Kaskendi, made the remarks during a meeting in the city of Masaka, which was aimed at increasing the citizen's education about the activities of the institution and its role.
Despite the design of the Bitcoin (BTC), in particular, as politically neutral funds, however, Casskind has emphasized the risk of circulation and adoption of cryptocurrency, noting that:
"Companies operating in the field of digital currency are not currently organized online and thus pose a significant risk of loss of savings without recourse to protection or insurance by the government, as with regulated financial institutions such as commercial banks."
The central bank does not have comprehensive control of all financial services institutions and institutions, and its supervision usually extends to commercial banks, credit institutions, foreign exchange offices and money transfer providers.
Earlier this month, Ugandan President Yoweri Museveni decided to hold the 2019 Africa Blockchain Conference in July.
The conference, dedicated to preparing the continent for the so-called "Fourth Industrial Revolution", is supposed to cover areas such as FinTech, payment systems and the future of education.
In May this year, the charity arm of the digital currency binance signed a memorandum of understanding with a non-governmental organization based in Uganda focused on improving local education.
This week, three high-level officials of the Bank of Uganda - including the director in charge of the currency - were charged with abuse of office and corruption in connection with a Ugandan currency shipment from France.
Uganda is one of the African countries that are not organized for the cryptocurrency market so far, they have not banned the currency and have not yet licensed it. This is expected in the coming period, after the great successes achieved by this market in the past few years.

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