The Bank of Uganda (BoU) has warned Ugandans who deal in any form digital currencies that they “are taking a risk in the financial space”. The warning has come at time when a new firm known as One Coin Digital Money a company which is not licenced by the BoU under the Financial Institution Act 2004, is conducting its business illegally in the country out side the regulatory scrutiny.
One Coin Limited is a Dubai based Cryptocurrency company with offices here in Uganda at Mukwano Courts , Buganda Road in Kampala. According to BoU it is still under formative stages. The company is reportedly aggressively encouraging Kampala dwellers to buy digital money promising high returns and rewards on a first-come-first-served basis.
Officially Saying NO to Bitcoin in Uganda
The Bank has come out warn Ugandans and said in a public notice that ;”whoever wishes to invest their hard earned saving in Cryptocurrency from such as One-coin, Bitcoin, Ripple, Peercoin, Namecoin, Dogecoin Litecoin, Btyecoin, Primecoin, Blackcoin or any other digital forms of currency is taking a risk in the financial space where there is neither investor protection nor regulatory pureview.”
The Bank has further gone ahead to encourage Ugandans to only do business transactions with only licenced financial institutions. You can find a full list if approved institutions here.