Uganda cautions public against crypto-currency as legal tender
Uganda’s ministry of finance on Monday said it does not recognize any crypto-currency as legal tender.
The ministry said in a statement issued here that it has not licensed any organization in the country to sell crypto-currencies or to facilitate the trade in crypto-currencies.
The statement said the organizations trading crypto-currencies are not regulated by government or any of its agencies.
“Most crypto-currencies are not backed by assets or government guarantees, therefore holders of these crypto-currencies are fully exposed to the risk of loss or diminishing value as the issuers are not obliged to exchange them for legal currency or other value,” the statement said.
“The public is advised to appraise themselves of the risks associated with cyber-currencies, and exercise caution before they make transactions involving such products,” the statement added.
