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01/07/19 08:00 UTC-4

The Central Bank of Uganda warns the public about the high risk of cryptocurrency

The central bank of Uganda is cautious about cryptocurrencies, and a meeting with the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
community does not mean that the country is widely open for their use.

 

Uganda reports risk of cryptocurrency

While the President of Uganda, Yoweri Museveni, will preside over the African blockchain conference of 2019 in July of this year, the deputy governor of the Bank of Uganda told the public about the dangerous trade in cryptocurrency.

Speaking at a town hall meeting in Masaka, Louis Kaskende warned about cryptocurrency, given its unregulated nature.

"Online cryptocurrency companies are not currently regulated and therefore bear a significant risk of losing savings without resorting to government protection or insurance, as is the case with regulated financial institutions such as commercial banks," Kaskande said.

He stressed that the central bank does not have "comprehensive oversight of all financial services firms and institutions", and that they control only commercial banks, lending institutions, foreign exchange bureaus and money transfer service providers.

The deputy governor of the Bank of Uganda has just told the public about the dangerous trade in cryptocurrency. Recall that on June 21st, the Binance Charity Foundation announced that it had supplied solar panels and school materials to 15 Uganda schools. For the charity event, 170,000 US dollars were used, raised as part of the first annual Binance Poker Charity Cup organized by TronBet.

See also: "BitMEX has reached $1 trillion in the volume sold over the last year"

#Bank #Uganda #risk #cryptocurrency

Editor: Pereyidenko Ihor
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