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Is Cryptocurrency causing a threat to the ugandan Banking systems?

  • February 16, 2017
  • 2 min read
Is Cryptocurrency causing a threat to the ugandan Banking systems?

Well, the world has been facing out different versions of money for each time, With this era of technology, we have had the cryptocurrency: a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. 

Over time many forms of cryptocurrency have come about battling superiority amongst each other, which one is best, fast, and majorly which is most secure.   Bitcoin being among the major game changers in the world.

Africa is not left behind our endeavors in the cryptocurrency world is growing to a world recognition,  Kenyan Bitpesa with over 17, 000 transactions, over 85 countries and 6000 users.   Bitpesa has made news in Africa and the world overall with them securing funding late last month.

Coming back to Uganda, the Bank of Uganda issued a warning against the cryptocurrency nation majorly One coin.  They issued a press release concerning legal formalities of the crypto banks, stating they were not legally registered with BoU and anyone investing and conducting transactions with them are at loss perils. Once coin which moved to the country recently established their offices at Mukwano courts, 4th floor on Buganda road Kampala.  Is it a matter of Legal formalities alone or there could be something behind this ? we really don’t know.

 

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Incuabte Africa

Incubate Africa, founded on June 5, 2016, is a Tech company based and Founded in Africa with the main focus of showcasing African-developed technology to the rest of the world. We strongly believe in what Africa has to offer the world. #Revolutionizing the startup culture

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