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Cryptocurrencies Come Under Fire As Uganda Cracks Down On Pozi Schemes
Summary: Ugandan legislators are looking into the role of cryptocurrencies in connection with pyramid scheme frauds that are all too common in the country, according to a report from local newspaper PML Daily on Feb.4. Legislators are currently moving forward with their attempt to criminalize Ponzi schemes, cryptocurrencies may become a target as well. While speaking ...
Ugandan legislators are looking into the role of cryptocurrencies in connection with pyramid scheme frauds that are all too common in the country, according to a report from local newspaper PML Daily on Feb.4.
Legislators are currently moving forward with their attempt to criminalize Ponzi schemes, cryptocurrencies may become a target as well.
While speaking at parliament, the State Minister of Finance David Bahati said that the government has created a task force that will look into cryptocurrencies and their potential applications in Uganda.
The latest initiatives look to educate citizens and discourage them from investing in Ponzi schemes. However, cryptocurrencies are often used by the fraudsters to collect the money, which puts it under the government’s radar.
Bahati stated, “We have continued to advise the public to desist from investing in cryptocurrencies since they are yet to be supervised and regulated in Uganda. We have, therefore, strongly encouraged the members of the public to do their business transactions with only licensed financial institutions.”
By Ramsey Baker
Tags: Cryptocurrency,Ponzi Schemes,pyramid schemes,uganda
Link: Cryptocurrencies Come Under Fire As Uganda Cracks Down On Pozi Schemes [Copy]
