Uganda says cryptocurrency is risky

[BulkWaks1]

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

[1714682033]

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[1714682033]

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[geerus]

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.

[Slow death]

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

[vintages]

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.

[elinafed]

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.

[americanreamt]

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.

[juliatorba]

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.

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.

[borrorofju]

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.

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.
 

[valentin68]

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.
 

[dothebeats]

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

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.

[misterj]

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

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,

[avikz]

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.

[rdluffy]

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.

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

[antisocial77]

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.

[Oilacris]

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

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.

[Pffrt]

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

Nine corruption scandals to look back at

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 

[enhu]

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.

[BrewMaster]

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.

[enogheghase123]

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.

[Indamuck]

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.
 

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.