Uganda says cryptocurrency is risky

[dimox]

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

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[galestorm]

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.

[michellee]

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.

[beatzcoin123]

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.

[Janation]

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.

[joshy23]

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

The same reason was stated by the central bank in my country but they only warned people on how risky in using cryptocurrencies in their transactions. Cryptocurrencies like bitcoin are not legal nor illegal in my country and the usage of the virtual coins keep growing daily. I think it is better if government start an information campaign on how to properly use cryptocurrencies instead of giving only warnings to those who use it.

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.

[Siren]

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

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

[fiulpro]

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.

[pixie85]

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
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.

[Kiefner]

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.

[rodel caling]

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

Nine corruption scandals to look back at


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" 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.

[coin-investor]

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

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

In his remarks, the governor clarified that the central bank does not have a comprehensive oversight of all financial services firms and institutions, and that its supervision typically spans commercial banks, credit institutions, foreign exchange bureaus and money remittance service providers.

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.

[3la9l_kolbaCa]

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

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

In his remarks, the governor clarified that the central bank does not have a comprehensive oversight of all financial services firms and institutions, and that its supervision typically spans commercial banks, credit institutions, foreign exchange bureaus and money remittance service providers.

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.

[abderrazak belkhir]

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)

[iMark]

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.

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

[mitchr4]

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)

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.

[sehoon]

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.

[akela11]

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.

[keziakusayang]

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.

[Chlotide]

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 . Since 80% are unbanked they should not be reluctant to alternative methods. Let's cut the crap...