It all started shortly after the launch of Onecoin at the start of 2017 by a group of crypto entrepreneurs in the Uganda. The Central Bank of Uganda immediately issued a notice warning the general public and asking Ugandans to stay away from Onecoin and other digital currencies with Bitcoin being the major threat.
This shows that the government feels threatened and is in panic since it has no control over the real cryptocurrency.
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There are rumors that are circulating on some websites that the Central Bank of Uganda has accepted Bitcoin, no,these are false stories.
The Benefits Of Such Warnings
The more the Central Bank of Uganda compares Bitcoin with fiat money, will only make Bitcoin popular in the East African region. This is coming out as an opportunity to market cryptocurrencies.
Human beings are naturally tempted to do what they are forbidden to do so,therefore i guess there will be more knowledge concerning the crypto market hence it's popularity.
Below is the photo of the building where the Central Bank of Uganda is situated. I took the photo just across the road not to interfere with the buildings security.
The crypto community in Uganda is however assured not to be afraid since their funds cannot be frozen or plundered by the state,thanks to the blockchain extraordinary strength.
Certainly, some Ugandans are aware of what Bitcoin and Altcoins offer them, as compared to fiat. This is an opportunity for more people who have not heard about Bitcoin to find out more and join the community.
The move from the Central Bank is an adversary to financial technology in a country where the majority of the masses have no bank accounts. This is killing the desire for the local people to have any more concern for the growth of cryptocurrency in Uganda at large and therefore limiting the growth of financial technology and it's start-ups within the country. This is a major blow to the entire digital community around the world.
So, the crypto community needs to explain the advantages of cryptocurrencies and how they can work together with the banks to improve financial technology growth within the country.
