Uganda Warns Against Facilitation of Cryptocurrency Transactions
(Bloomberg) -- Bank of Uganda warned payments intermediaries including banks and fintech companies against facilitating cryptocurrency transactions, saying it has not licensed any institution in the East African nation to carry out such trades.
Following press adverts advising investors that they can convert cryptocurrency into mobile money or vice versa, the central bank said such transactions can't happen without the participation of service providers and system operators, which is illegal, according to a circular verified by Bloomberg News.
Uganda's payments law allows for the revocation or suspension of licenses for entities that fail to adhere to central bank directives, or those participating in activities likely to endanger the stability of the country's financial system.
©2022 Bloomberg L.P.
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