In a correspondence with the Blockchain Association of Uganda, the Bank of Uganda (BoU) has indicated that it is willing to consider crypto businesses into the bank’s regulatory sandbox.
In the email to Mr. Kwame Rugunda, Chairman, Blockchain Association of Uganda, the Director at the BoU’s National Payments Service, Mr. Andrew Kawere, said:
“The Bank of Uganda (BoU) welcomes your proposal to share knowledge with our technical teams on the crypto business models and whether some use cases are suitable for testing under the regulatory sandbox.”
A Regulatory Sandbox usually refers to live testing of new products or services in a controlled environment. Regulatory sandboxes are particularly common as the financial sector in Africa continues to witness changes in its landscape.