The Bank of Uganda has issued a stern warning against the use of cryptocurrencies in the East African country. “Bank of Uganda has noted press reports and adverts advising the public that they can convert cryptocurrencies into mobile money and vice versa. We are also aware that such conversion cannot happen without the participation of the Payment Service Providers and or Payment System operators,” The statement said. The statement further said that entities found trading or facilitating cryptocurrency transactions would face sanctions, including revoking their licenses. Follow us on Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates.

Source: Daily Nation May 10, 2022 18:51 UTC