Uganda does not have regulations for cryptocurrencies
The African country is waiting for the announcement of Facebook to launch its own cryptocurrency and its potential effects on the world economy
The deputy governor of the Central Bank of Uganda, Louis Kasekende, declared at the end of June that currently the East African country does not have a regulatory framework for cryptocurrencies. The statement comes as a warning against the risks of using them without rules that regulate transactions.
Dr. Louis Kaskende participated in a meeting convened in the municipality of Masaka, with the purpose of educating the public and the population in general about the activities and role of the financial institution.
The official focused on cryptocurrencies, the risks of using them without a regulatory framework and the role of the authorities in this regard. Kaskende pointed out: “(…) online cryptocurrency companies are not regulated at this time and, therefore, have a significant risk of loss of savings, without recourse to protection or insurance by the government, as is the case of regulated financial institutions such as commercial banks.”
He ruled that the Bank of Uganda does not regulate or supervise all financial institutions.” The agency is only responsible for supervising commercial banks, credit institutions and traditional micro deposit institutions, as well as exchange offices and money transfer services.
The country is analyzing, as well as others in Europe and America, the launching of the Libra cruptocurrency by the social network Facebook, in view of the potential implications in the financial system of each country.
M.Pino
Source: Bitcoin.es
