Cryptocurrency is not recognized as legal tender in Uganda; isn't though? Let's talk about it.

On Tuesday, October 1,2019 the Ministry of Finance, Planning and Economic Development of the Republic of Uganda issued a statement informing the public that;

1.) The government of Uganda does not recognize any cryptocurrency as legal tender in Uganda.

2.) Now you  are probably thinking EL Salvador recognizes bitcoin as legal tender doesn’t that mean that technically speaking to Uganda that  bitcoin qualifies as a foreign currency?

3.) What is a legal tender?

4.) The Notice proceeds to state that the government of Uganda has not licensed any organization in Uganda to sell crypto- currencies or to facilitate the trade in crypto-currencies and so these organizations are not regulated by the government or any of its agencies.

5.) Regardless  of the above, crypto currency trading platforms like  Binance Uganda, chippercash,  YellowCard and many other trading platforms   are operating in Uganda.   How is this possible?

6.) As such, unlike other owners of financial assets who are protected by Government regulation, holders of crypto-currencies in Uganda do not enjoy any consumer protection should they lose the value assigned to their holdings of crypto-currencies, or should organization facilitating the use, holding or trading of crypto-currencies fail for whatever reason to deliver the services or value they have promised.

In conclusion.

In conclusion, the public is advised to appraise themselves of the risks associated with cyber-currencies, and exercise caution before they make transactions involving such products but the government hasn’t made it illegal to operate a cryptocurrency firm in Uganda. Infact MP pointed out that Kwame Rugunda, the son of Prime Minister Ruhakana Rugunda, is CEO of CryptoSavannah, a cryptocurrency advisory firm. Needless to some Mps criticize the govt on pyramid schemes and crypto currency

Disclaimer

Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. This blog isn’t a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified Attorney

Read this week's blog here- https://kevejoanne.wordpress.com/2021/11/12/cryptocurrency-is-not-recognized-as-legal-tender-in-uganda-isnt-though-lets-talk-about-it/

Crypto currency in Uganda

https://kevejoanne.wordpress.com/2021/11/04/cryptocurrency-in-uganda/

 

watch this week's youtube video here-

https://youtu.be/sYB7rp0UdkE

Listen to the most recent episode of my podcast: Cryptocurrency in Uganda

https://anchor.fm/askmeaboutthelaw/episodes/Cryptocurrency-in-Uganda-e19oooe

cryptocurrency in uganda

https://kevejoanne.wordpress.com/2021/11/04/cryptocurrency-in-uganda/

Money on dormant mobile money accounts will be transferred to the Uganda National consolidated fund

https://anchor.fm/askmeaboutthelaw/episodes/Money-on-dormant-mobile-money-accounts-will-be-transferred-to-the-Uganda-National-Consolidated-fund-e19orvt

Money on dormant mobile money accounts will be transferred to the Uganda National consolidated fund

https://kevejoanne.wordpress.com/2021/10/07/national-payment-systems-act-this-is-what-you-need-to-know/

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DISCLAIMER. 

This podcast provides general information only. It is not intended to provide advice concerning any specific set of facts, nor is it intended to be relied on as legal advice.  

Nothing implied or stated on this page should be construed to be legal, tax, or professional advice.