The Minister of Finance, Planning and Economic Development Matia Kasaija has advised Ugandans to distance themselves from transacting using crypto currencies.
He said that the government does not recognize any crypto-currency as legal means of transacting business in Uganda.
“The government has not licensed any organization in Uganda to sell Crypto-currency or to facilitate the trade in crypto-currencies and therefore those organizations are not regulated by government or any of its agencies” Kasaija said
According to Kasaija, crypto-currency are digital assets that are designed to effect electronic payments without the participation of central authority or intermediary like the central bank or any other licensed financial institution.
Kasaija said this while addressing journalists at the Uganda Media Centre in Kampala on Monday this week.
He added that due to their unreliability, crypto currencies tend to change value rapidly over time, where holders may make profits when their value rises and they will be exposed to losses when their value falls.
“Imagine losing the wealth you have worked for years in only one day. I advise Ugandans to keep their money in legal financial institutions where they shall be assured of safety,” he added.
Kasaija said that the nature of cypto-currency is too dangerous and it can be attractive for use in criminal transactions like money laundering, sale of prohibited goods and services and other fraudulent ventures.
He added that the government cannot regulate or control the transactions since it has no authority over it because of the high techno