Uganda has finalized its bill on crypto regulation

Uganda has finalized its bill on crypto regulation

Coindoo states that, given the increasing demand for Bitcoin in Uganda, the country is witnessing a surge in Bitcoin-related scams. As a result, the government has determined to begin fixing the industry.

The Ugandan government has declared that the ordinance will mainly be aimed at Bitcoin-related startups and investment schemes. According to the State Minister of Finance for Planning, David Bahati, rumors have begun circulating of some people who have fallen spoil to Bitcoin scammers.

Bahati has announced that the government has achieved a bill on federal payments, which will be introduced to parliament for approval in December, saying:

“In October, Cabinet established the National Payment System Bill. We intend to bring it to the committee next month so that it provides for all these forms of digital financial transactions.”

Still, he hasn’t given any specifics concerning how the regulations will be implemented. As such, the segment of parliament Mathias Mpuuga has demanded clarification on how precisely the ministry is hoping to prevent the rise of dishonest crypto-related businesses in the country, looking out that several Ugandan legislators have also been victims in crypto scams.

#Uganda #Crypto regulation

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