Uganda says cryptocurrency is risky

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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.

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[jakoylantern]

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.

[suzanne5223]

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

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.

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.

[spacehopper]

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

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

[Apes]

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.

[logfiles]

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  
This just happened last month
Currency saga: charged BoU officials out of office


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

[baundul]

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.

[LogitechMouse]

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.

[Sihab76]

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

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.

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.

[Argoo]

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.

[Ridwan Fauzi]

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.

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.

[rodskee]

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

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.

[samputin]

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.

[Youghoor]

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.

[Deborah Christine]

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.

[eaLiTy]

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.

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  . That does not mean that it will not give you a huge profit but the idea of high reward cannot be said now.

[Pyr3x]

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.

[bitbunnny]

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.

[ubay]

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.

[sandra_x]

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.