Uganda Targets Cryptocurrencies in Ponzi Scheme Crackdown

Ugandan legislators are exploring the role of cryptocurrencies in connection with pyramid scheme frauds that are often found in the country, local newspaper PML Daily reported on Feb. 4.

While legislators are moving forward with a proposal to criminalize Ponzi schemes, cryptocurrencies may come under fire as well.

Speaking at the parliament, the State Minister of Finance David Bahati revealed that the government has established a task force to explore cryptocurrencies and their potential applications in Uganda. The task force will also focus on global industry 4.0 trends that could result in major developments for the country and region.

Though Uganda’s attitude to cryptocurrencies is one of the more welcoming in the region, its citizens have fallen victim to a number of scams.

The government’s latest initiative seeks to educate citizens and discourage them from investing in Ponzi schemes. A wider ban is also being proposed, as Bahati explained:

“We are also discussing with the…