Ministers clash over legality of the cryptocurrency
Two ministers in the ministry of Finance, Planning and Economic Development Ministers have given different positions in regards the use of cryptocurrency in Uganda.
Cryptocurrencies are digital currencies that are widely used globally to carry out business transactions. Bitcoin is the most popular cryptocurrency at the moment although Facebook announced this year that it will launch Libra, another cryptocurrency
Two months ago, the State Minister for Finance in charge of General Duties, Gabriel Gadison Ajedra Aridru said government is working around the clock to put in place a policy that will regulate cryptocurrency payments.
However, on Monday, the Finance Minister, Matia Kasaija warned Ugandans to stay away from cryptocurrencies because government does not recognise any crypto-currency as legal tender and its use in Uganda.
“This is to inform the general public that: - the government of Uganda does not recognise any crypto-currency as legal tender in Uganda. The government of Uganda has not licensed any organisation in Uganda to sell crypto-currencies or to facilitate the trade in crypto-currencies and so these organisations are not regulated by the government or any of its agencies,”Kasaija said.
Speaking two months ago, Ajedra said cryptocurrency was a new technology that is here to stay and therefore cannot be resisted
"Cryptocurrency is the new medium of exchange and it is not just wishful thinking. It is here to stay,”Ajedra said.
However, Minister Kasaija said holders of cryptocurrencies don’t enjoy any consumer protection should they lose the value assigned to the currencies.
