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Uganda makes about-face in dealing with cryptocurrencies

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Until now, Uganda followed a rigid line and even warned its citizens against the use of cryptocurrencies. Now the tide seems to be turning.

The digital assets industry has gained acceptance worldwide. As a result, the industry’s growth is also skyrocketing in Africa.

As recently as April, the Monitor newspaper reported that Matia Ksaija, Uganda’s Minister of Finance, Planning and Economic Development, had concerns about cryptocurrencies because they would allow opportunities for money laundering and the sale of prohibited goods and services.

However, on June 2, 2022, law firm KAA (Kampala Associated Advocates) now published a circular from BOU (Bank of Uganda) announcing that it would test some crypto business models as part of a regulatory sandbox.

The letter, addressed to the Blockchain Association of Uganda, outlines that fintech companies should be able to test financial solutions within a regulatory framework. The hope in doing so, it says, is to drive the adoption of digital solutions and electronic payments in Uganda.

Cryptocurrencies are not banned in Uganda, but no company has yet been granted a license to trade digital assets.

Picture by Pixabay



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