The Ugandan central financial institution has warned licensed entities and the general public towards facilitating crypto-related transactions in addition to the observe of changing cryptocurrency into cellular money and vice versa. The central financial institution warned it is not going to hesitate to act towards entities discovered to be in breach of the nation’s legal guidelines.
No Entity Issued License to Trade Cryptos
The central financial institution in Uganda not too long ago issued a press release reminding the general public that no business is licensed to supply or facilitate cryptocurrency-related providers. The assertion warned licensed entities to finish the observe of changing crypto to cellular money and vice versa.
According to a report within the Monitor, the warning — which got here from Andrew Kawere, the director of funds on the Bank of Uganda (BOU) — comes lower than three years after the nation’s finance minister Matia Kasaija made related remarks. In the report, Kawere is quoted reiterating the central financial institution’s position. He mentioned:
“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. This is to advise that [the] Bank of Uganda has not licensed any institution to sell cryptocurrencies or to facilitate the trade-in of cryptocurrencies. This is in line with the official government position as communicated by the Ministry of Finance, Planning and Economic Development in October 2019.”
However, within the central financial institution’s newest round, Kawere warned licensed entities violating provisions of Uganda’s National Payment System Act, 2020, that the central financial institution is not going to hesitate “to invoke its powers under Section 13(l) (b) & (f) of the NPS Act, 2020 for any licensees that will be found in breach of the above directive.”
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