Cryptocurrency in uganda
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Cryptocurrency in uganda
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- CryptoCurrency business is done in Uganda illegally – Kasaija
- Could Uganda Be the Next Frontier For Cryptocurrency in East Africa?
- Bankers’ Association Boss Advises Ugandans to Buy Cows Instead of Cryptocurrency
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To browse Academia. Log in with Facebook Log in with Google. Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. Need an account? Click here to sign up. Download Free PDF. Maureen Owor- Mapp. A short summary of this paper.
Download Download PDF. Translate PDF. Maureen Mapp, Convenor and report author. The purpose of the first round table was to engage policy makers, academics and regulators in critical discussion on the possible regulation of cryptocurrencies, to exchange experiences, and to develop instructive guidance based on principles of a multi- disciplinary nature.
The roundtables draw on external support from research done by those working in academia and other bodies; and engage policy makers, financial regulators, academia and cryptocurrency businesses in critical discourse on the complex legal, socio cultural and policy issues of regulating crypto currencies and the implications of regulation for the wider meanings of currency.
Participants to the second round table were drawn from cryptocurrency enthusiasts and businesses; from financial regulators including the Central Bank of Uganda, and other regulators like the National Information Technology Agency, the Uganda Communications Commission, and the Financial Intelligence Agency. Participants agreed a number of recommendations: a report of the proceedings of the Roundtable on the impact of cryptocurrency on investment and trade in Uganda, and the need for principled guidance in line with the commitment of participating regulators to promote technological neutrality, co- regulatory approaches, socio-cultural legitimacy, consumer protection and ethical practices that were fair, non-discriminatory and non-deceptive, and were underpinned by the principle of legality.
To assist in the development of principled guidance, the participants drew on the Report of the first Round table Kampala , and the Report of the Commonwealth Working Group on Virtual Currencies The recommendations of the Working Group included the determination on the legality of virtual currencies, awareness raising about virtual currencies including the risks, the adaptation of existing legal frameworks or enactment of new laws on the use of virtual currencies, capacity building and the creation of conducive environments for the development of virtual currencies.
Problems with current regulatory responses to cryptocurrency use The expanding use of disruptive payment technology in the modern networked Africa constitutes a significant challenge to the regulatory capacity to respond to contemporary circumstances. While the importance of cryptocurrency and its underlying technology- the Blockchain, are tentatively recognised in the policy sphere as a cost effective method of enabling micropayments in African economies, the lack of regulation presents unique challenges.
The problem can be summarised as a communication gap between lawmakers, policy-makers, regulators and the crypto currency businesses about the socio-cultural, legal, economic and political effects of this emergent cryptocurrency environment. Without a principled regulatory approach to plug this gap, the development of policy and laws, law enforcement, and the adjudication process could be based on antiquated rules that may not deal with important conceptual and practice based issues.
These issues include the legal status of cryptocurrency; tax liabilities, the risk of cybercrime- including the exploitation of vulnerabilities in technology to hold financial systems at ransom and exploiting those consumers who fail to use the technology correctly. There is also the lack of effective consumer protection, and the arbitrary use of discretionary power by regulatory bodies. These issues are of concern given the move by Fintech start-ups and some financial regulators to offer more cryptocurrency and Blockchain based products to the Africa based consumers.
The Kenya Capital Market Authority for example has launched the M Akiba bond on the Nairobi Stock exchange-the first mobile traded government bond of its kind in the world to use the Blockchain. Unlike fiat currency the Uganda shilling whose creation and use is regulated and limited by the Central Bank of Uganda, there is no such limitation on the acquisition and use of cryptocurrencies as Uganda has not formally appreciated the nature and impact of virtual currencies.
Even so, the recent warning from the Central Bank of Uganda 14th February to the public against investment and conducting business using Onecoin and similar crypto currencies like Bitcoin and Litecoin underscores the vulnerabilities that consumers face, and 1 Report of the Commonwealth Working Group on Virtual Currencies, Commonwealth Law Bulletin 42 2 In order to address these challenges, the second round table debated the need for regulation, the appropriate approach to be adopted, and questioned whether the draft guiding principles that were developed at the first Round Table event in July could help give clarity to cryptocurrency and Blockchain based businesses and users in these six main areas: 1.
Technological security, trust and risk assessment. Policy approaches to regulating crypto currency and the Blockchain.
The legality of crypto currency including user rights, obligations of the state and of providers, consumer protection, and the promotion of ethical behaviour. The applicability of existing legislative frameworks in areas such as taxation, insurance and proceeds of crime.
Investigatory, prosecutorial and judicial approaches to digital forensic models. Engendering socio-cultural legitimacy; and the consideration of socio-cultural issues surrounding consumer behaviour among poor, rural and illiterate African communities when using smart technologies. This report contains the responses to the questions posed above. Another event is scheduled to take place in While acknowledging the difficulty in achieving a holistic conceptual definition of cryptocurrency due to the variety to approaches internationally, the Round tables used the generic definition of the Financial Action Task Force FATF 3 of cryptocurrency as a type of decentralised virtual currency which lacks a central authority.
An initial coin offering is referred to as private means to raise funds for a new crypto-currency business via the purchase of tokens - known as coins — that are issued in return for virtual currencies, like Ethereum or Bitcoins.
There is need for regulation that offers clarity to both the investor in cryptocurrency and the fintech start-up or business. Regulation should offer protection to the consumer and prevent the use of cryptocurrency to engage in illegal activities like tax evasion or money laundering.
Conceptual clarity is required surrounding the definition of currency and money in existing law. These definitions can then be adjusted to include forms of cryptocurrencies in the law. Clarity and consistency is also needed on the categorisation of cryptocurrency whether as a security, a commodity, property, currency, or something else. The Blockchain ought not to be regulated, pending a wider benefit —risk analysis. This is more so when dealing with the rural poor and illiterate or semi-literate customers.
In order to avoid over regulation and confusion about compliance requirements, the government should decide on the key regulator s from the range of potential financial regulators including the Central Bank of Uganda, the Uganda Revenue Authority, the Uganda Communications Commission, National Information Technology Agency, Uganda Capital Markets Authority, and the Insurance Regulatory Authority. Regulation should be cross-jurisdictional in nature through cross border cooperation mechanisms including mutual legal assistance so as to better coordinate investigations, monitoring, prosecutions and adjudication of this transnational cryptocurrency trade.
Technological neutrality should aim to regulate the service or product, but not the provider. Public awareness is necessary in order for individuals and the general public to understand the benefits and risks of cryptocurrencies. In addition, a better understanding of way cryptocurrencies work can help inform future policies. Policies need to achieve some form of harmonisation or functional equivalence among the interrelated policies like fiscal policies, monetary policies, taxation policies, Intellectual property policies, Information Communication Technology policies and the like.
A risk based proportionate approach could best underpin policy and regulation in order to keep the services affordable to those on low incomes. Policies and regulation should deal with the tensions between the attributes of cryptocurrency like lack of a centralised authority, decentralised ledgers, and pseudo-anonymity; and the regulatory requirements like Know Your Customer and Anti Money Laundering that are underpinned by the need for physical address of a business or natural persons, and a centralised authority.
Update existing laws to have a functional approach to digital forensics and analysis. This could include an application of traditional banking disclosure requirements and know your customer requirements to online activities. Equally, law revision should aim to resolve the contradictions and tensions between anti- money laundering laws, and consumer protection laws.
Cross-cutting capacity building programmes could enhance skills in the JLOS, among policy makers, legislators and regulators, working together with academia and with the business community. Understanding socio-cultural issues surrounding consumer behaviour among the poor, rural and illiterate communities is important given that cryptocurrencies create a kind of cultural shock for these communities.
The cultural shock may be because the medium of exchange is based on peer to peer networks and anonymity. The issue of ownership and transfer of cryptocurrencies within localised communities ought to be appreciated by the regulators. Regulation should address questions surrounding how the transfer will happen; what happens to transfer in the case of an emergency or eventuality where the ownership has not been disclosed to third parties. Maintaining the independence of private peer to peer transactions requires a careful management of regulations that address the risks associated with cryptocurrencies such as security, privacy and protection.
Regulations should aim to build trust in these transactions. Creating a culture of secrecy around the operation of cryptocurrencies on the Blockchain may breed distrust among the communitarian societies where information is largely open. Trust may be achieved by having strong consumer protection regulations and secure record keeping.
Opening Statement by Mr. The collaboration brought together a cross-disciplinary panel of experts to address issues surrounding the regulation of cryptocurrencies and its underlying Blockchain technology including the applicability of currency as consistent with the wider meanings of currency.
The composition of the second roundtable reflects the growing interest from a spectrum of experts whose work informs policy and legislation regarding a safe model of utilisation of cryptocurrencies. At the first roundtable in , cryptocurrencies were viewed as shrouded in mystery, with participants fearful yet eager to know more about it.
On the 14th of February , the Bank of Uganda issued a cautionary note to the general public against the continued use and dealing in cryptocurrencies. This note was a clear disclaimer on the part of the Central Bank in the face of imminent uncertainties and consequences arising from the lack of regulatory mechanisms and policy guidelines for the use of cryptocurrencies.
This lack of clarity from the Ministry, appears to mask a policy dilemma. But what might happen in the near future? Indeed the warning from the Central Bank has caused a spate of genuine inquiries from the worried public some of which are reported in the social media and in the newspapers.
This event should also help in de-mystifying the concept of cryptocurrencies and by the same token deliver the proposed intervention. Any prospective regulation of cryptocurrencies, ought to take into account the impact of these innovations on domestic policies, and on the legal, socio- cultural, economic and ethical environment.
This event is significant as it feeds into the African regional efforts to address and to harmonise fiscal and related policies and to offer guidance on the imminent integration of such polices.
It is on record that Uganda is the first country to have multi stakeholder roundtable discussions on the possible regulation of cryptocurrencies in Africa. Viewed as disruptive to traditional payment systems, emerging payment technological innovation offers both an "opportunity" and a "challenge" to African domestic financial institutions. Payment and investment technologies are driven by the exponential growth in mobile money and use of smart technologies in Africa. In , the mobile technology and service industry contributed 5.
At present there are several cryptocurrency businesses in Uganda, with one of them- Cryptocurrency Evolution Limited, represented here at this second Round table. Here, cryptocurrency — a form of digital currency, can be stored in a digital wallet using encrypted techniques to regulate the generation of the units of currency, all the while operating independently of a third party or intermediary like a Central Bank that may intervene in the transactions.
The relative anonymity of cryptocurrency transactions is viewed as a safety feature, as is its cryptographic protocol in which the owner has a private cryptographic key for use in their digital wallet and to move their funds via a digital signature onto the Blockchain.
Other potential uses are in the cyber insurance sector to verify transactions, deter frauds and manage risks. Some policy challenges Despite the growth opportunities in the Fintech sector, the lack of formal recognition of the growing consumer base in cryptocurrencies, and of the potential vulnerability of consumers, underlie the need for a careful consideration of policy and legislative issues that underpin any potential regulation. There is no law, no policy, no interpretive guidance, no opinion or strategy on the place for cryptocurrency and related investment vehicles in Uganda or in Africa generally.
In addition, direct threats to cryptocurrency businesses; to consumers; as well as to the nation in the form of hidden resource costs, all require policy guidance and possible legislation.
From the business perspective, Fintech including cryptocurrency businesses need clarity regarding requirements for compliance, and for consumer protection. There is also the cost to the business for ensuring transaction security and the security of data for all those involved in the payment process: issuers, consumers, merchants, and mobile telecom providers.
The cryptocurrency may itself suffer a lack of resilience volatility if their market value drops due to regulatory clampdowns. Cryptocurrency own limitations could affect its widespread adoption. There is the problem of scalability where the size of transitions are too big and complex to process quickly which could reduce the speed of transactions. The hacking can occur despite accounts and wallets having extra security like a two-factor authentication.
We cannot overestimate the need for some sort of supervisory oversight given the security risks posed to users and to their data. The lack of legitimate outlets in which to trade in cryptocurrencies may not only pose a barrier to the adoption of cryptocurrency, it may also lead to unscrupulous traders stealing from the unsuspecting public and demanding ransoms.
This was the case of Ronald Nsubuga. In the video entitled Bitcoin in Uganda - Empowering People, Ronald a Kampala resident received a cash equivalent of Bitcoins from his sister in the United States of America, to pay his tuition fees.
CryptoCurrency business is done in Uganda illegally – Kasaija
The question of whether it is possible to take security over a cryptocurrency depends on a number of considerations, some legal in nature but others more commercial. In this chapter we look at what we think are some of the current challenges to taking security over cryptocurrencies and how security might be taken. We will consider:. If you would like to discuss any aspect of this topic further, please get in touch.
Could Uganda Be the Next Frontier For Cryptocurrency in East Africa?
The Minister who was addressing a Press Conference at the Uganda Media Centre in Kampala this morning said the government has not licensed any organization to sell cryptocurrencies and to facilitate the trade or exchange of cryptocurrencies. A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions on a ledger that is typically publicly viewable. A community guarantees the authenticity of the transactions in addition to the creation of additional units of the currency. Uganda has over 15 million students in different institutions of learning according to the Ministry of Education and Sports. As a way of controlling the spread of COVID, only 10 per cent of these learners who are mainly finalist students reported back to school starting October 15th leaving the majority at home. The Minister […]. Following the Order of the President of the Republic dated 9 September , the Republic of Djibouti, has decided to nationalise with immediate effect all the shares and social rights of PDSA in the DCT company to protect the fundamental interests of the Nation.
Bankers’ Association Boss Advises Ugandans to Buy Cows Instead of Cryptocurrency
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Uganda is home to a growing cryptocurrency community. This article will explore the state of the blockchain in Uganda including the regulatory climate, notable startups and what the future may hold for the blockchain in the East African country. The blockchain is a decentralised, immutable and public digital ledger that records transactions across a distributed network of computers, which makes it de facto impossible to alter any records without altering all subsequent blocks or getting consensus from the network. Blockchain technology has gained global attention as it aims to build trust into systems used for transfer of value and any kind of data. Digital currency adoption in Uganda has been on the rise with a number of investors, freelancers, and entrepreneurs in the space. In addition, the Blockchain Association of Uganda organises regular meetups and events where cryptocurrency enthusiasts can discuss opportunities and address challenges.
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Register Log in. Kampala, Uganda. Mweheire informed a gathering at Sheraton in Kampala that the entire value of cryptocurrencies around the world was just USD 1trillion, the same size as one company like Apple. He said cryptos are not backed by any assets and that the lack of regulation anywhere around the world makes them a no go zone. Mwesigwa Alon Guest Business and finance.
1 BTC to UGX
As the cryptocurrency market continues to grow globally, we at the Ugandan Water Project UWP want to expand opportunities for its users to provide clean water to communities in Uganda. The Opportunity. The rise of cryptocurrency donations is opening doors for non-profit organizations to raise more money for real world issues.
These attacks are increasing not only in number, but also in severity. Whether an organisation pays the ransom or attempts to recover the data independently, a clear understanding of bitcoin is essential for cyber incident response planning. Bitcoin, like other cryptocurrencies, allows cybercriminals to receive funds with a high degree of anonymity, making transactions difficult to track. Bitcoin gained notoriety as the common currency of the Dark Web, where it remains popular. It is seen as the essential cryptocurrency — easy to acquire and use, making threat actors believe victims will be more likely to pay. Occasionally, cyber threat actors demand other cryptocurrencies, such as Monero and Zcash.
This site uses cookies to deliver website functionality and analytics. If you would like to know more about the types of cookies we serve and how to change your cookie settings, please read our Cookie Notice. By clicking the "I accept" button, you consent to the use of these cookies. Tokenization of financial flows is vastly cheaper than building nations. On the back of it, the process itself can spur the growth of real assets.
Regulation of digital currency transactions continues to be an important issue around the world. Officially, there are only several financial institutions associated with digital currency registered in the country. So the FIA took the step of calling for regulation of cryptocurrencies after noting that only a small number of cryptocurrency organisations had undergone voluntary registration.
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