I remember 3 years ago when the Uganda Cryptocurrency community woke up to the shocking news of the Bank of Uganda banning crypto-to-fiat and fiat-to-crypto transactions.
The bad news shocked and demoralized many, considering that just a few years ago, the President of Uganda and governor of the Bank of Uganda hosted CZ, the former CEO of Binance.
There has been no news in relation to crypto regulation until today!
I just read an article from one of the daily newspapers here stating that the government mulls crypto law as transactions reach 2.5T UGX (700M USD)
Screnshot Source
Here below is the title of the article
Govt mulls crypto law as transactions hit sh 2.5 trillion
In the article, the Uganda State Minister for Planning Amos Lugoloobi in a meeting today was shocked that Ugandans are doing Bitcoin transactions above $700m and hence hinted the government should step in with regulation.
The government is considering introducing legislation to regulate the booming cryptocurrency trade, citing its impact on the financial ecosystem.
I'm glad that our government is finally waking up to the impact of Bitcoin and crypto on the economy.
The only worry of crypto enthusiasts now is that the regulation doesn't make it hard to continue trading hehe.
You can read the whole article explaining how the government wants to regulate crypto in Uganda.
What is your say on this?
Very Important
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Love
Jarau Moses