Uganda says cryptocurrency is risky

[bekkioPEK]

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

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[Potato Chips]

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

[serjent05]

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

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.

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

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.

[thesmallgod]

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.

[olamidey]

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 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.

[Duzter]

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.

[Mike Mayor]

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.

[goolesby]

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.

[BitHodler]

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.

[CTRLX]

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.

[ansarose1]

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.

[NathanJB]

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.

[BennyK]

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.

[maxreish]

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

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.

[marcbitcoins]

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.

[Ridwan Fauzi]

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.

[Krislaw]

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

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.

[Jating]

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

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.

[djadmika]

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"

[vladimirhf]

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.

exactly, most people are arguing on the headline

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.