The minister of finance Matia Kasaijja cautioned Ugandans on investing their money in cryptocurrencies.

The minister said that the government does not recognize nor regulate the cryptocurrencies companies in Uganda. He further said that the funds transferred through the cryptocurrencies pose a great danger to national security since it can easily be used to finance terrorism. In the same way, the minister said that they have received several complaints from those that have been robbed through cryptocurrency systems, however, the government is yet to understand how these systems operate so that they help the victims.

In the same way,  Mayebo Richard the bank of Uganda official affirmed that the cryptocurrency is neither recognized nor regulated by the central bank.

It is noteworthy that previously the president of Uganda launched these companies and the MPs together with ordinary Ugandans joined in though they have never gained anything.