Uganda to Regulate Cryptocurrency as Fake bitcoin Schemes Surge

Economy & Regulation

Uganda will seek to regulate crypto assets to prevent criminals from exploiting digital currencies to scam citizens. This comes as thousands of Ugandans have fallen victim to a number of Ponzi schemes, including the D9 Club, which promised to pay members in bitcoin. Minister of State for Finance (Planning) David Bahati said the government has now finalized a bill on national payments, which will be tabled in parliament for approval in December.

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Legislators Call for Regulation

“In October, Cabinet approved the National Payment System Bill. We intend to bring it to parliament next month so that it caters for all these forms of digital financial transactions,” Bahati