Bank Of Uganda Invites Cryptocurrency Businesses To Discuss Technicalities Wi...

The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participating in the regulatory sandbox. The central bank’s position follows its deliberations with a team from the Blockchain Association of Uganda (BAU). BAU Members Asked to Acquaint Themselves Sandbox Regulations The Ugandan central bank has said following talks with the team from the BAU, it is now open to the idea of having crypto firms participate in its regulatory sandbox. Consequently, the central bank has asked members of the BAU that may want to join the sandbox to familiarize....

The bank advised the Blockchain Association of Uganda (BAU) to sharpen up its knowledge of the sandbox regulations, inviting its members along to further technical discussions. The Bank of Uganda is open to the idea of cryptocurrency businesses participating in its Regulatory Sandbox, inviting members of the Blockchain Association of Uganda (BAU) to share their knowledge with the central bank.A letter from the bank dated June 1 to the chairperson of the BAU, Kwame Rungunda, referred to a meeting between the two parties in early May. The central bank also advised the country’s crypto....

The Bank of Uganda (BOU) has commenced a study that explores the feasibility of issuing a digital currency. However, an executive with the institution warned that the central bank needed to be clear why it must have this in the first place. Faster Movement of Money The Ugandan central bank is reported to have commenced studying the feasibility of issuing a CBDC that will be used by households and businesses. In addition, the BOU is reportedly planning to revise the country’s financial laws. The move enables the BOU to formally adopt the CBDC. This central....

Uganda’s blockchain community welcomes the recent call on authorities to create a cryptocurrency regulatory framework, a board member of the Blockchain Association of Uganda (BAU) has said. The member, Suleiman Murunga, explains that such a framework “will create investor confidence and boost participation by innovators.” Uganda’s FIA Calls for Crypto Framework The remarks by BAU’s Murunga come just a few months after the country’s Financial Intelligence Authority (FIA) told the country’s Ministry of Finance to look into the possibility of....

Recently, the Bank of Uganda has warned citizens against investing in cryptocurrencies, putting Onecoin and Bitcoin in the same trash buсket. What is behind the positions of governments of developing countries like Uganda and Nigeria? Before Uganda, such warnings have come out of some other developing countries like Nigeria. So today in Nigeria a lot of individuals now take extra care when making transactions in local banks for Bitcoin-related products or services. Users most often clearly advise depositors not to include such in the description of the purpose of a transaction, so as to....