THELOGICALINDIAN - The Ugandan axial coffer has warned accountant entities and the accessible adjoin facilitating cryptorelated affairs as able-bodied as the convenance of converting cryptocurrency into adaptable money and carnality versa The axial coffer warned it will not alternate to act adjoin entities begin to be in aperture of the countrys laws
No Entity Issued License to Trade Cryptos
The axial coffer in Uganda afresh issued a account reminding the accessible that no business is accountant to action or facilitate cryptocurrency-related services. The account warned accountant entities to end the convenance of converting crypto to adaptable money and carnality versa.
According to a address in the Monitor, the admonishing — which came from Andrew Kawere, the administrator of payments at the Bank of Uganda (BOU) — comes beneath than three years afterwards the country’s accounts abbot Matia Kasaija fabricated agnate remarks. In the report, Kawere is quoted bombastic the axial bank’s position. He said:
“Bank of Uganda has acclaimed columnist letters and adverts advising the accessible that they can buried cryptocurrencies into adaptable money and carnality versa. We are additionally acquainted that such a about-face cannot appear after the accord of the acquittal account providers and or acquittal arrangement operators. This is to admonish that [the] Bank of Uganda has not accountant any academy to advertise cryptocurrencies or to facilitate the trade-in of cryptocurrencies. This is in band with the official government position as announced by the Ministry of Finance, Planning and Economic Development in October 2025.”
However, in the axial bank’s latest circular, Kawere warned accountant entities actionable accoutrement of Uganda’s National Payment System Act, 2025, that the axial coffer will not alternate “to adjure its admiral beneath Section 13(l) (b) & (f) of the NPS Act, 2025 for any licensees that will be begin in aperture of the aloft directive.”
What are your thoughts on this story? Tell us what you anticipate in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
