Matooke Republic
Sunday, July 13, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

BoU warns public against using cryptocurrencies to transact businesses, says it’s illegal

Matooke Republic by Matooke Republic
May 3, 2022
in Business
Reading Time: 2 mins read
31
SHARES
Share on FacebookShare on Twitter

The Bank of Uganda has warned members of the public that it has not licensed any company or any person to offer cryptocurrency services in Uganda.

In a statement issued on April 29, 2022, the Central Bank said they have not licensed any institution to sell crypto-currencies or to facilitate the trade in crypto-currencies.

This, they said, is in line with the official government position as communicated by the Ministry of Finance, Planning and Economic Development in October 2019.

RELATED POSTS

Jacob Kiplimo shines at Samsung Galaxy Unpacked as new Galaxy Watch 8 launches

Pearl Tower One: Meera Investments unveils Kampala’s landmark Grade-A office building

“Bank of Uganda has noted press reports and adverts advising the public that they can covert cryptocurrencies into mobile money and vice versa.

We are also aware that such a conversion cannot happen without the participation of the Payment Service Providers and or Payment System Operators,” the statement reads in part.

“Accordingly, this is to warn all licensed entities under the National Payment Systems Act, 2020 to desist from facilitating cryptocurrency transactions,” it adds.

A cryptocurrency is an encrypted data string that denotes a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring.

Cryptocurrency may be a good investment if you are willing to accept that it is a high-risk gamble which could pay off – but also that there is a strong chance you could lose all of your money.

Related

Tags: BoUCryptocurrency
Share12Tweet8Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

Court dismisses “incompetent application” by BoU to drop fraudulent and wrongful closure case brought against it by defunct Greenland Bank shareholders

by Matooke Republic
2 years ago

...

BoU sued for failure to conclude Greenland Bank liquidation 21 years later

by Matooke Republic
3 years ago

...

BoU's Margaret Kasule the head of BoU's Legal Department

Legal analysts term BoU statement on Crane Bank case ruling as limp and sidestepping key issues

by Matooke Republic
3 years ago

...

WEEK IN REVIEW: Uganda to pay DR Congo Shs1.2 trillion in war damages, Sudhir wins court case against BoU as Kakwenza escapes from Uganda

by Matooke Republic
3 years ago

...

BoU can go appeal to God – elated Sudhir says after Supreme Court directs Crane Bank should be returned to shareholders

by Matooke Republic
3 years ago

...

Next Post

Consumer Choice Awards return for the fourth edition

Aida Vee delivers sensational performance in Boston

RECOMMENDED

Kabaka’s Lake to be redeveloped into an international urban tourism site

July 12, 2025
A vibrant breakout session during the Billi Now Now Youth Summit 2025, where young changemakers engaged in powerful discussions on leadership innovation and youth empowerment.

RAHU holds third BNN Summit, rallies young people to harness their voices toinfluence a better future

July 12, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3931 shares
    Share 1572 Tweet 983
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    98 shares
    Share 39 Tweet 25
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    94 shares
    Share 38 Tweet 24
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    78 shares
    Share 31 Tweet 20
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    61 shares
    Share 24 Tweet 15
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.