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Saturday, February 4, 2023

Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions

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Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions – The Ugandan central bank recently published a statement reminding the public that no business can offer or support cryptocurrency-related services without first obtaining a license. The statement issued a warning to licensed organizations to stop converting cryptocurrency to mobile money and vice versa.

According to the Monitor, Andrew Kawere, the Bank of Uganda’s (BOU) director of payments, issued the warning less than three years after the country’s finance minister, Matia Kasaija, made similar remarks. Kawere is quoted in the report as repeating the central bank’s viewpoint. 

Also Read: Crypto Industry Lobbies Against Bills Targeting Russian Oligarchs Evading Sanctions Using Cryptocurrency

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He stated:

“The Bank of Uganda has taken note of press reports and advertisements instructing the public that cryptocurrencies can be converted into mobile money and vice versa. We also recognize that such a conversion would be impossible without the involvement of payment service providers and/or payment system operators.”

“This is to inform you that the Bank of Uganda does not have any licenses to sell or facilitate the exchange of cryptocurrencies. This is consistent with the official government viewpoint, which was communicated by the Ministry of Finance, Planning, and Economic Development in October 2019″.

Also Read: Former Nintendo President Believes Gaming Experiences Could Benefit From Blockchain And ‘Play to Earn’ Models

Uganda Central Bank Tells Licensed Entities to Stop Facilitating Crypto Transactions – However, Kawere warned licensed firms that if they violate Uganda’s National Payment System Act, 2020, the central bank will not hesitate to “invoke its powers under Section 13(l) (b) & (f) of the NPS Act, 2020 for any licensees that will be found in violation of the aforementioned order.”

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