Bitcoin Forum

Central bank of Uganda refuses to implement crypto because "it's risky"
source: https://cointelegraph.com/news/central-bank-of-uganda-warns-decentralized-cryptocurrencies-are-risky

Although cryptocurrencies are not regulated, and market volatility is sometimes huge, I am sure that this direction will develop and we will be able to use cryptocurrency as a means of payment on a par with Fiat. And so that there is less doubt in society, just pay attention to new technologies, to see, this is a potentially new growth, which means new jobs, a way to attract investments.

it's unbelievable that he  says "cryptocurrency is risky" when his country's politicians are corrupt

Nine corruption scandals to look back at
 (https://www.newvision.co.ug/new_vision/news/1309873/corruption-scandals-look)

cryptocurrency is not involved in these cases of corruption, so who is a risk to society? cryptocurrency or people who use cryptocurrency to commit crimes? Fiat is also used to commit crimes and can be seen in the link I posted.

He can not come to the public and say that people do not know how to take care of their own money ... because that means that people do not have the mental capacity to choose the president of his country

Well, whether cryptocurrency or not, investment is all about taking risk and so does any business.

Everyone is entitled to their own decision and actions, so he shouldn't specifically tell them not to invest in it. His major concern should be on how to run a fair and transparent government and not trying to control the people on what they should use their money for.

Majority of citizens in Uganda gained and are still gaining financial freedom through cryptocurrency; that he should appreciate.

I look at cryptocurrencies as funds that allow ordinary people to participate in investing and get microloans. Of course, the banking system cannot guarantee the security of cryptocurrencies, they do not regulate them. But it remains important that cryptocurrency is a means to generate additional income, which improves the financial condition of a person when the country's economy is not very strong.

When you have a cryptocurrency, you can make transactions with less losses on the commission, but most importantly, no one will forbid you to send or receive funds. I like that I can support projects that seem important and promising to me, and do not even need to have a huge budget. It gives the feeling that you can change something for the better, make a contribution to society. Many investors and politicians forget about this.

The society will be more prepared for universal use of cryptocurrencies if there are more places where people can learn how to use them. I like what the project offers taklimakan. There is a convenient news show, there are recommendations for experts and, of course, educational materials. When you know how everything works, there is no doubt that cryptocurrency is money for people, while Fiat holds more separate companies.

As a long-term investment, Bitcoin can provide excellent returns. But of course, most people do not want to expect and therefore switch to low-frequency trading. And here the risk of loss is even greater. Why it seems that the scope of investment is not available to non-initiates. But when studying financial mechanisms, it becomes clear that cryptocurrency is not only profit but also a way to make your voice meaningful by supporting important innovations.
 

For 20 years now, I receive approx every day an email from an African country telling me that I have won the lottery or that I have received a donation of hundreds of millions USD.  They ask for my ID, for my bank account, etc
 If I were to add these winnings the total sum of money that I have won in lottery or that has been donated to me would be approx 10 billion USD.
 I usually reply to these emails and the answer that I receive is to send them money before receiving the money won in lottery or donated to me.

This is why Bitcoin has been invented, to give them the possibility to give me these winnings without giving them my ID, etc.
 

This is basically one of the reasons why he went on to conclude that cryptocurrencies are risky. They cannot create a new legal framework that correctly translates what cryptocurrencies are and what it is not. More importantly, they cannot control the said currency. If they find a way to do so, it would be very limited to exchanging it to local currencies and vice versa. The thing is, they really haven't studied the implications of cryptocurrencies on a larger scale and their view is very limited, having to conclude that 'cryptos are bad' because they are just viewing the surface and are not willing to dive deeper.

They are just saying that "bitcoin is risky" so that they can cover up the corruptions which they had done. If you look at it at a technical point of view, every asset has a risk to be considered be it land, gold, real estate, and cryptocurrencies. You must not fall to the traps of the government nor the media because they always tell the people what they only want them to believe,

Ok let's look at some facts! I am seeing a trend that countries with transparent administration are actually adopting cryptos to be mixed with the mainstream economy and countries with great number of corruption are pushing it back. For reference, I have used "Corruption Perceptions Index" from 2018.

Countries that adopted bitcoin:
1. Japan - Ranked 18th
2. Germany - Ranked 11th
3. United States - Ranked 22nd

Countries that pushing back bitcoin:
1. Uganda - Ranked 149th
2. India - Ranked 78th
3. Bangladesh - Co hold the rank 149
4. Pakistan - Ranked 117th

Cryptos are not risky. The greater risk comes from the corrupted and age old politicians who doesn't have the power to understand the gravity and utility of crypto currencies.

Totally agree, I thought the same thing, corrupts countries are afraid to adopt things that will difficult their control over the country
But Uganda is not relevant for BTC in general, there another countries more important for us

ofcourse its a risky.thats why we love it lol. usd or gold or any other assets are risky too but governments never talk about it.they make me laugh.

Non surprising thing actually yet I'm pretty bored into these kind of news which isn't really that shocking.

They can tell all the things that they do want but we,crypto people does know on what's the truth behind cryptos existence
and the fact even fiat money is already considered risky on the first place.

This is a common issue in almost all countries. Politicians to govt employee, most of the people are corrupted. They are not transparent, they steal people's money, they make law for favoring themselves.
I see bitcoin as a better transparent system, less chance of stealing money, the same laws for everyone.

Cryptocurrency investment is risky, well, all the stock markets are as well  :D

If its something new, its not going to be used. The government will have to look at things and make it controllable. If not, they'd bann it. I'm surprise India ban BTC while more Indians are collecting BTC.

For Uganda, Its going to make it more hard for corrupt government to adopt cryptocurrency but this country is nothing different to mine which is also corrupt. We however make use of the cryptocurrency, politicians and drug syndicate are on the news that's been using crypto. I can't verify the news but its on the news.

in other words Uganda just did what 90% of other countries have done at least 5 or 6 years ago and deemed cryptocurrencies risky and even issued warnings about them. that is not news! specially when it is coming from a bank which they are always going to be threatened by bitcoin because it is decentralized and out of their control.

Crypto currency generally is a risky venture, but as they say "IT IS RISKY NOT TO TAKE RISK" even in my country, the central government is against crypto, but i think it is worth the risk.

Everyone makes fun of those scammers but they are just doing that to survive.  It is sad they are even in that situation and don't have any other way to improve their quality of life.  I receive a lot of those blackmail e-mail from them, not sure how my e-mail got leaked but is obviously in their hands now.

of course they say they are risky, they can't control them, they can't exercise power over who uses them. decentralization of payment scares the banks

My country issued warnings too but since they didn't literally hinder the cryptocurrency from growing, it just kept growing. I'm not really updated in what's going on in the said country, but looking at the latest news about them, they don't seem to be closed minded when it comes to cryptocurrency and the blockchain tech developments

https://cointelegraph.com/tags/uganda

I got the point why these Uganda politician's says that "cryptocurrency is risky".  The point is, cryptocurrency like Bitcoin is an open ledger.  All the transaction is transparent and traceable.  That is risky for them (politician) because they will be found out that they are pocketing the government money instead of using it to its citizen's needs.  Implementing blockchain technology and cryptocurrency will expose them of their corruption.


they are not close minded and they new cryptocurrency really well that is why they think it is "risky".. for them because of its(cryptocurrency) transparency.

Well, it is not only Uganda but also Nigeria. After the tension and shock of the popular scam scheme called MMM. There was a time the Nigerian Central Bank also warn everyone to stay away from cryptocurrency and any other unregulated schemes. Although there has never been a time the government talked of banning crypto but it seems we might see a regulation regarding crypto. I think Uganda central bank is doing the same thing. It is very through that crypto is risky and I do not see anything bad if the Central Bank says this.

A lot of countries all over the world including African countries disallow or even ban cryptocurrencies and everything it stands for. Most see it as scams and Ponzi while others see it as something that will fade off after some time. So I'm not surprised. The reality however, is that their citizens still trade crypto currency and make money from investing in it. I hope it becomes legal in these countries.

In simple terms what we see in the list provided with the ranking of the countries that adopted as well that have been against bitcoin gives some clear visibility about those countries stand. Japan, Germany and USA are already developed and they need to grow further.

India is a growing economy, Bangladesh - Fastest growing economy in the world, Pakistan and Uganda - Out of several political issues try to make some development. As the countries against bitcoin were into the growth phase they fear bitcoin might interrupt the growth or will cause some negative impact to the economy.

Of coarse they will say that. They cant make as much profit off it as they can with fiat and they lose a lot of control. Plus that country is corrupt so there must be some sort of greedy corrupt reason for rejecting crypto. Banks, as they are in their current state, are hesitant to use crypto and basically make any excuse not to. They really dontneed to since they can keep loaning money and make a nice 22% or so every year on users money plus the fees. They also natural enemies.

Cryptocurrency is full of risk. I think that not only Uganda, everybody will say that cryptocurrency will always involve the risks and it is very risky. However, do you mind to take the risks? Or are you afraid? if we have no bravery tot ake the risks and manage the risks, it is better to leave the crypto world. For, we can learn from the risks and turn it to the profits if we know the ways.

It's risky, better avoid investing in it, especially not more than you can afford to lose, bla bla. The central bank here said the same thing where after that highly respected legacy economists echoed the same thing.

It's quite interesting to see how after all the years they haven't changed one bit. Long term speaking the price has always gone up by orders of magnitude, but this is too bullish for Bitcoin so they leave that out.

All they want you to know is how Bitcoin went from $20k to $3k, because that empowers their anti Bitcoin narrative, or that Bitcoin can become worthless overnight. It has become too predictable. So much that people no longer care.

Risky? That’s not a new thing. The community and investors already knows the fact that crypto industry has some risks. For instance, even in the simpliest jobs there is a risk of losing the money. That’s life. I understand Uganda government wants to protect their citizens by giving this kind of warningd. Honestly i don’t blame the government because it’s actually their job to talk about all kind of possibilities.
Anyway, at least there are also some crypto-friendly governments in the world. I believe in time the positive impact of crypto will be increasing and maybe governments will start to support it more.

Actuallt its right, and cryptocurrency was always a risky type of investment. Whatever way you are on to crypto, it is always risky, like traders and investors too risky to meet what you expect profit earnings. Also bounty hunting is risky since several of the project is not that profitable while some projects are just fraud. So, whatever way to earn in crypto was risky.

Nobody is saying crypto is not risky. There will always be risks involved with crypto. But do we know of anything, literally anything, that has no risks involved? Even our going to parks and amusement centers have risks. Even our eating our favorite burger has risks as well. How much more to things that are related to finances? There will always be risks. The good thing about crypto is that it is transparent and is not depending on a central body.

We don't need Uganda to tell or remind us that crypo is risky. Every crypto enthusiast knows this already due to the fact that it is a free market. This is one of the main reasons why education is always provided in forum and other platforms to alert investors to do their own researches before deciding to join any project.

Risks is always associated in everything. But i do understand that Banks seems hardly convinced about unregulated issues of cryprocurrency. We all know that Banks are just afraid of unsecured investments. Though, even banks can't do anything about how people are still taking a risk just to invest in cryptocurrencies. They do not want to accept the fact that bitcoin is a threat to their business.

This is are the most common perception of the people who hates the Crypto currency. The risk is already part of any business but if they only see the risk but not the benefits of it then they will lost many opportunities that crypto can give. Crypto currency is really risky as the price is unpredictable but if you have the knowledge on how to minimize the risk then you will be rewarded with prosperity.

The financial institution will alwasy say like that because cryptocurrencies are rival for them. The presence of cryptocurrency is a threat for them, if most people on this world leave their service and move to cryptocurrency then they will go to bankrupt. This is the metter of time I guessed, because if they has been known about the system of cryptocurrencies and blockchain system sooner or later we will see a newcomer comes and leave bank service. Therefore, for some banks who has realized for this threatment they try to find and innovate using blockhain technology as has been done by JP Morgan who has made coins that have its own blockchain system.

I thing Uganda goverment has wrong statement. Crypto aren't risk,
they goverment have a big risk for citizen, the people there have to hard to eat and hard to how to be normal live.

Maybe I missed something, but I didn't read anything saying about they are against crypto. He only stated the risk involved. As central banks it's just normal to warn people about the dangers and risk on investing because there are no safety nets and not regulated, just like in Uganda.

So I wouldn't take it as a negative statement though, just saying.

All things in the world have their own risks as well as cryptocurrency. Can you mention something in life that has no risk? But behind the risks that are, of course, there is the potential to gain benefits, lessons, or experiences that are useful in our lives. What is important is how we manage these risks so that they can be as minimal as possible.
Need to remember "No Risk, No Gain"

exactly, most people are arguing on the headline :P

what they really said:

“[...] online cryptocurrency businesses are not regulated at the moment and therefore carry a significant risk of loss of savings, with no recourse to protection or insurance by government, like is the case with regulated financial institutions such as commercial banks.”

It's true and they could add that many operators mislead people into ponzi schemes.

Also need to remember many other things,,, always risk what you can afford to lose being the most important, because what people never realize is this,,, you have the possibility to lose it all and you CAN lose it all. Many people have. We all here the people who successfully profit more than those who lose it all partly because success is more easily spread and partly because losers are too ashamed to tell people.

Anyway,,, Uganda should worry about other risky things like fraud and hyperinflation.

Is this your first time here in crypto?for how many countries that we saw this same accusation of government?that cryptocurrency is very risky but hey don’t mentioned ho profitable is this,they are just looking on single side while the truth is there are other areas in which the positive effect of crypto is not being mentioned
Exactly mate,if you wanna gain then you must be ready also for the risk part

There is no government who says cryptocurrencies are safe place to be use as investment place or be used another function such as payment system, this was happened to my country before they decide to regulate it.

But now, my country has been regulating bitcoin/cryptocurrencies as commodity where the citizen can be used it as trading place or investment only.

Previously, they ban cryptocurrency with the same reason as Uganda now, but they know the profit will be gained if cryptocurrencies prices moving up so as they decide to re-regulate with one note the risk that will be faced be certified by the user itself, they only ask to pay taxes to all users.

I totally agree that without risk the life seems so predictable and boring. I feel more alive when I take risks, makes my heart beats faster. Also not to be afraid of failures as it is part of excitement and it helps to draw a constructive analysis where next time one can mitigate the risk element.

Every new innovation has Risk as Cryptocurrency and its background history is revolutionary. Until and unless we won't make our system that much strong we can't chase the strong potential alternative to the traditional currency.

Investing are really risky. Engaging in cryptocurrency, there's always risk that's why you have to be risk-taker in order to gain something.
And when they "refuse to implement crypto" just because of this, they're just afraid. They're just using 'risky' as an excuse

Oh Uganda!

I'd say living in Uganda is way riskier than bitcoin could ever be  :D
when a country cannot or doesn't want to regulate the crypto properly they start to say general trite things like bitcoin is risky , cryptocurrencies are a grey area etc.
instead of sitting down and setting the rules up , they either ban it or turn their blind eye , like it doesn't exist
Uganda has bigger problem than cryptocurrencies regulation , I admit , but it would not hurt to at least show their stance towards either adopting it or banning it instead of pointless statements

Every government does this, uganda is no exception and I dont see anything restricting the countrymen with news read. Seriously, we need to educate newbies of some intricacies of the space. It is not misleading but protective, it is global space with diversities in purpose. some with the purpose to build and some to destroy. Government giving idea of what new investors are getting into isn't bad at all. Facebook, twitter and the rest did some control in their sphere. This should prompt them to get educated before to get victims of scam

It is a recurring story with all the countries that are corrupted to the core to say that cryptocurrency is risky and they will not implement and they will say that it is too risky to allow people to invest in it, these corrupt governments imply that they are protecting the people from the risk. We must understand that it is not the issue with these people, if people start using the platform and everything becomes transparent then how these corrupt officials will hide their loot, they can resist for a while saying that it is risky but blockchain and cryptocurrency will prevail in the long run.

The deputy governor of the Bank of Uganda has warned the public about the limited protections offered them when they invest in unregulated cryptocurrencies.

Of course Central Bank of Uganda said that cryptocurrency is risky because crypto is their rivalry in terms of people investment. People would choose Crypto over bank even crypto is not legal because crypto has a higher interest rate than a bank. One thing more crypto is non regulated,with out many documents needed before you can invest.

Central banks are riskier. They are oftentimes failing their own people while fattening up their own pockets. Governments are riskier also. They are granted the responsibility to lead and ensure the welfare of the people and yet they always end up falling short. Crypto is made up of people freely dispensing their properties. That does not happen with fiat. Uganda needs to step up.

actually i agree with what they said about cryptocurrency "  online cryptocurrency businesses are not regulated at the moment and therefore carry a significant risk of loss of savings, with no recourse to protection or insurance by government "
its not something new if goverment say if cryptocurrency is risky, the fact is crypto risk there is no protection to our investment there.

Central bank is advertising bitcoin and doing a decent job
they are definitely against anything that could ever challenge the Central banks network around the globe
especially something that is decentralized and has a deflationary mechanism in it , like bitcoin
it is much easier to print worthless paper and make sure common people's income is never growing despite the progress and all that jazz
I hope Uganda makes the right choice and despite the CB warnings it adopts a more relaxed stance towards cryptocurrencies

Uganda’s Central Bank is right, cryptocurrency is too risky we can’t just disagree on this one because its true and that is why we have to educate more people for them to understand the risk. Its better for Uganda’s Central Bank to educate their people, to encourage the local banks to adopt and by this the risk can be lessen because more people will understand cryptos.

The dilemma in almost all developing countries is that to be able to accept progress with digital technology especially especially crypto, it is not as easy as one might imagine.
clearly there are still many obstacles, and with the growth of information the intensity will bring them more open. it takes time for crypto to be accepted and it is understood that risk is almost the same as investment.

ugabda should develop their own coin and built it on the blockchain if they think that bitcoin is too risky to be adopted into their economic? The infect of USA dollars on most of Africa's currencies is too high and it will be very difficult for some of this country to develop. To me, Bitcoin is too volatile to be used as country money and if Uganda does that it will create serious problems in the country but on a long run, they should develop their own coins just as companies like Facebook are planning.

They could just make another stablecoin with their own currency or backed up by something else valuable if they want, but what is the point? in Uganda internet is not available everywhere, I don't live there so I don't know but Uganda is not a developed country so that is to be expected, digital currencies there will just available for certain people and not for the masses.

Who knows if they are investing and confusing the public? However, no one is advised to break the law if there is one against crypto abide by it, cause you will be disappoint that everyone is for himself here.

Governments and banks saying, 'cryptocurrency is risky' could be interpreted as, 'we cannot control this currency'.
Bitcoin implementation gives asset holders complete control of their assets, taking away a major form of power from the governments.

Individuals should take the initiative and do their personal research. I have spoke to a number of people about Bitcoin and he cryptocurrency network, and majority of the already have a prejudiced view of it without any knowledge of the basics or how it really works.

For me, all investment is risky, when it comes to money involvement you are risking your money it will end into three-part only, is either you will have some profit ( massive or meager) sustain ( you just try it, and you don’t lose your money or even earn), and the last is you lose your money in your investment. Cryptocurrency is risky because most of the people spend money on it, and the price rate of this cryptos is very fluctuating if you compared it to other investments that have a must stable price. But don’t blame cryptos you’re the one that taking the risk right. :)

Like the Uganda Central bank said, cryptocurrency is risky but we both know that it only risky to does which chose not to learn and understand how it investment works.
To be honest, I'm a bit disappointed with the made by Uganda central cause the country was said to have Uganda large diaspora which mainly resided in United States and United Kingdom which ought to have enlighten them about the potential of cryptocurrency.

Yes.Its risky.I'm agree with that.But its only risky to people who don't know about crypto ,market condition ,fundamental and technical analyze.You know those.There is no risk,there is only one thing to do.Start counting your profits.If you know the market behavior you always get profits

many countries say bitcoin risky. those opinion is very appropriate to be said by a country that unable to regulate its economic system. because in fact many countries have also given flexibility to their citizens to be able to use cryptocurrencies even with some restrictions.
even though cryptocurrencies are risky, but with economic rules or systems various risk opportunities can be anticipated earlier without cryptocurrency banning.

LOOOOOL
Coming from a country whose top central bank officials just had a money printing scandal.
Apparently some corrupt bank officials printed an unauthorized amount of money for their personal use  ;D ;D ;D
This just happened last month
Currency saga: charged BoU officials out of office (https://observer.ug/special-editions/61194-currency-saga-charged-bou-officials-out-of-office)


I guess the don't want people to take control of their own money

Not only uganda but also several county said crypt currency is risky. Riches country accept but developed country fear. Cause Bitcoin break capitalist society. They are afraid to adapt to new technology. If the common people understand this, then they will make it legal again.

What a funny opinion from them.

Don't they know that any investment has risk??? I don't like to say this but they are stupid if they don't know this. This is coming from a country who has a money printing scandal. Only the newbies will fall into this stupid article.

Yes brother you are absolutely right because I am Bangladeshi..my countries government and their political leaders don't show positive interest and impact on bitcoin..hence we backdated from bitcoin development.

Uganda and its banks do not affect the cryptocurrency, since the government of this country has always had a negative attitude towards it. Therefore, this news means little to the world of cryptocurrency. States with an authoritarian regime have always treated the cryptocurrency with anti-corruption. It does have moderate risks in its use, like any other financial assets and any type of business.

Government only believe for the centralized investment place which is mean there is a party who manage our money. But when they look bitcoin and there is no party who manage our money I think it is reasonable for them to say bitcoin is very risky. Moreover with a lot of scammer, hacker and money loundering they use them as a first reason to avoid bitcoin and even regulate it, I am not hypocritical when someone has such an opinion because it is a real. But I do believe for those people who says high risk and high profit, because I haven't found in the other place where I can get a huge profit from my investment just in bitcoin.

In my opinion yes crypto currency is risky in investing into trading.because we never know the volatility value of crypto.but it is up to you if you want to enter  in investing trading. but if not you can still use this to convert into money and then it is now not risky.what Im saying is that crypto is risky on how to use it.and it is up to you how will you use it.nowadays crypto specially bitcoin are very useful in our lives. In proper using of this crypto how will be crypto is risky? I was just thingking that central bank of uganda dont want to use crypto in there industry because they are afraid of lossing customer switch to crypto.thats why they saying using crypto is risky. All bank should accept crypto nowadays because crypto use people now for the convenience and easy ways of any transaction involve of money.and I think they should accept crypto and collaborate to crypto user for a better living.

The first time I entered bitcoin, I already knew that it was risky. And I think, it's the risk that makes this venture exciting which allows us to appreciate its value. Besides, there are some people who say that "with high risk comes high returns." Personally, I would also like to experience that. However, we cannot blame them if they now find it too risky. Maybe they know what's best for their citizens.

Everything in this world we find ourselves in has its own risk attached to them. Its not about the risky nature but people should look at the basic ideology behind cryptocurrency and how it can be used to simplify the standard of living of everybody. A lot of people are more concern about the risky nature of Bitcoin rather than looking at how they can help improve the amazing technology backing cryptocurrency.

I agree. Cryptocurrency is at risk because the price is very volatile. Sometimes it can rise dramatically but sometimes it can drop dramatically. So indeed we must be careful and considerate when buying a coin. Don't forget to keep on updating the latest news about the coins you buy so you know the development of the coins and minimize the losses that will occur.

In order to experience the high risk high return property of any financial asset you have to invest in the beginning stages of the asset when the valuation is really low when no one really cares about it and if you have the courage to test the waters during that time then it will be known as a high risk high reward situation and not when you invest when the price is well around $10k  :P. That does not mean that it will not give you a huge profit but the idea of high reward cannot be said now.

I doubt that cryptocurrency will be accepted at the state level. Not only in Uganda, but in any country. State wants to manage its money, but cryptocurrencies are decentralized. That is why states will always be against cryptocurrency.

And they didn't say anything wrong, Bitcoin is risky, everyone who deals with it knows that.
Also, the role of central banks is to watch monetary systems and also to warn citizens about possible monetary and financial risks. That doesn't mean they are against Bitcoin but because of its nature at this moment it's impossibe to be implemented formaly into economy system. And that is not only in Uganda.

I don't think it's risky, depending on how we use it. Uganda shouldn't say that, it's better to look for information about cryptocurrency before making a statement that doesn't make sense.

Most central banks will share same stance as regard crypto being a risky investment vehicle. The more progressive ones will see the technology behind cryptocurrency and find ways they can harness its potential to suit their own operations. Bonds for example are already being offered on the blockchain because of the unique protection and transparency it provides.

not only Uganda, i think people and my my country said if crypto is risky. how many people loss their money here? the problem is how smart they are invest and play in investation. sometimes they just invest their money without know background about it. knowledge is better to move forward. and i think they dont know about bitcoin in detail

Yes, cryptocurrency is risky but it has a lot of potential. It can be used as an alternative to fiat, but since cyptocurrencies are not regulated by the government, transactions can be used in malicious payments and transactions. Cryptocurrency gives the public the chance to govern their own assets without the need for banks and seemingly slow transactions that heed paperworks and other legitimate requirements. I think this is the reason why uganda hasnt adopted cryptocurrency.

I admitted that the cryptocurrency is risky, but we can minimize the risk by learning about cryptocurrency. The one thing that we can do to reduce the risk is by using the money we can afford so we don't have to worry or afraid if what we invest is down. Sometimes people are using big money to invest because they want to make a big profit and that is not good. They need to know that every investment will have a risk, and they need to minimize the risk, so they don't get confusing to see the value of their investment is moving up and down. That will happen in the cryptocurrency, and it is better for us to play safe with our investment.

At the end, is the risk worth taking or embarking on? my answer is YES, crypto currency is risky but at the end its worth the risk, Just like putting your money in the bank and unfortunately the bank folded up due to some incontigences, what will become of its share holders? So you see life itself is risky.

Life is a risk, it is full of choices.

We make our ways and there comes the choices that we will choose, we are the one that will decide our future though in cryptocurrencies, we people are the one that will decide. It is risky since it is a decentralized crypto and it is volatile. It is not always worth it since not every time the price go up, as I said it is volatile so we never know what might happen.

If the government care that much they can do some informational campaigns regarding to this currency, there's some info drive to make people around the country to be aware and not to fall to any attempt of scammers and to avoid losing money.

A newbie with single post is bringing this bad news here,for what purpose?to create Fud and frustrate those Investors from Uganda so they will get panicking since this statements coming from their government?

Lol not just Uganda 🇺🇬 who’s having this stand but yet bitcoin and the legit cryptocurrency continues to grow.this means if there’s a closing door,there’s a window that will open

First it's a bank
Second it's a bank !!!!!!!!!

No government bank would ever allow the cryptocurrencies to take their investors and make the economy probably unstable.
Don't take the words of banks seriously.
Cryptocurrencies are risky but they are worth the risk !! .
The profit is undeniably more than what anyone can ever earn from other sources.
Also before investing we already are well aware of all the losses that might come with the investment.

Uganda? Really? I'd answer that it's still less risky than letting half of your country's population get wasted drinking moonshine made from bananas :D
They are calling it Waragi.
https://www.aljazeera.com/indepth/features/2015/03/uganda-ongoing-struggle-moonshine-150325114705113.html
Maybe it would be a good idea to export this Waragi and make money but no it's better to attack decentralized currencies and get drunk while doing it.

Yes, crypto has certain risks and this is a deterrent for many. It is simply necessary that a little time pass for the crypto to be accepted.

Well" yes I agree with your thoughts why some people is blended without any investigation and learning for the new thechnology advantage. Both currency can use to commit crimes why all fault goes into digital currency blaming to use in a crime.

It's nothing new and this is a fact but still, countries prefer to choose the technologygy behind it and according to Ugandan government


with this remark, we can conclude that they do not want to add another currency because they do not have oversight on oversight of all financial services firms and they are at loss on how they can manage it if cryptocurrency is added.

Uganda is not confident with crypto because it will hinder their politicians to become transparent on every transactions made by them. Crypto histories on blockchain can be tracked unlike fiat hidden agendas. That's how I view it as their alibi's which is not to pin point on something fishy all about.

i dont think that a corrupt government like the government of uganda have the right to judge bitcoin...they just want to prevent people to use bitcoin for very bad reason(policy of starvation)

Moreover, those who say it is a poor state government, so I don't think it will affect anything in the crypto market. Uganda thinks that new technology is not suitable to be implemented in their country, that's what they should say. Because basically their currencies are much more risky because of inflation

It depends on the people themselves whether to avoid or not but for people who know Bitcoin will know the risks when holding these coins. No wonder many countries warn about this, because Bitcoin is decentralized which also has many weaknesses.

Cryptocurrency is risky and the same thing goes things like fiat money and stocks. The only difference is that fiat money and stocks are regulated. There is always a risk whenever you are trying to invest in something. They are probably saying this because they can't do anything that will make them benefit from cryptos.

The risk is only in volatility. However, this is the essence of the market, if you are a trader, then you should be able to analyze the market situation and manage your asset. So I think that the statement of the Uganda Bank is that people must use the bank coz it is "safe", not exchanges.

there are no laws governing crypto. of course the central bank says crypto is very risky. however, to make an investment is very profitable, of course if there is already a risk advantage, there must be. news like this has been circulating very much, I think they don't understand crypto.

ROLF ! Sorry for the shitpost, but who ever asked Uganda for financial advice ? (no disrespect for Uganda citizens) Just one country you almost never think of who does not agree with the BTC philosophy. What a SHOCK !
BTW... Uganda’s unbanked communities = 80% of the total population source (https://www.businesscalltoaction.org/news/providing-financial-solutions-uganda’s-unbanked-communities) . Since 80% are unbanked they should not be reluctant to alternative methods. Let's cut the crap...

Today, with the help of the Internet, you can learn a lot about Uganda and, first of all, that this country has deposits of copper, gold, tin, tungsten, tantalum and niobium, beryl, and iron ores.  And also this country has minerals such as apatite, limestone, kaolin, and there is also a small extraction of table salt and cement raw materials.  But at the same time, most of the inhabitants of the twenty millionaire state continue to live in clay shacks and most of these people are starving.  And therefore, I can’t understand how this people can be an authority in the cryptocurrency world.

Isn't it risky ?  :D