Mr. Kasaija went on to address the emergence of cryptocurrencies like Bitcoin and Ethereum and warned about ‘using, holding, trading dangers associated with crypto-currencies” saying that organizations trading or facilitating crypto trade in Uganda are ‘not regulated by the Government or any of its agencies.’
The statement concludes by advising the public to appraise themselves of the risks associated with cyber-currencies, and exercise caution before they make transactions involving such products.
The above statement is surprising considering that Uganda is the first African country to license Binance crypto exchange, the largest exchange in the world by volume. Uganda is also home to the first Binance fiat crypto exchange – Binance Uganda! The exchange is already operating legally in the country with the CEO, ChangPeng Zhao, having met the President of Uganda, Yoweri Museveni, in 2018.
ONGOING: Minister of Finance, Planning and Economic Development; Hon. Matia Kasaija addresses media emergence of using, holding, trading dangers associated with crypto- currencies pic.twitter.com/NxpeIBO00k
“The Blockchain Association of Uganda has taken note of the public statement on cryptocurrencies by the Ministry of Finance. We believe the statement is an important step in the direction of creating a progressive policy framework for crypto assets in Uganda The Blockchain Association of Uganda.”