• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

We are considering to ban cryptocurrency, pyramid schemes-Minister Bahati

Mubiru Ivan by Mubiru Ivan
5 years ago
in National, News
24 0
ShareTweetSendShare

Legislators have attributed the increase in fraud on the mushrooming ponzi and pyramid schemes, and the rise in cryptocurrency.

This was after the State Minister of Finance, David Bahati told Parliament sitting on 04 February 2020 that government has established an Expert National Task Force on Fourth lndustrial Revolution to explore the issue of cryptocurrencies and provide proposals on its application in Uganda.

“The Taskforce will also consider global trends with a focus on developments and aspirations for Uganda and the East African region.” he said.

Bahati said that advertisements will be placed in the newspapers discouraging Ugandans from investing in ponzi and pyramid schemes.

“We are also discussing with the Internal Affairs Ministry to ban such schemes. The challenge is that operators of such schemes register as financial institutions but when they get on the ground, their operations are different,” Bahati said.

The Minister admitted that ponzi and pyramid schemes involve dishonest investors taking advantage of innocent individuals by encouraging them to invest their savings into ventures that have no underlying product with a promise of extraordinary returns.

“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,” Bahati added.

He revealed that the Ministry of Justice and Constitutional Affairs was in the process of amending the Penal Code Act to criminalise ponzi and pyramid schemes and that the Uganda Registration Services Bureau will soon adopt clear guidelines to determine beneficial ownership of companies during registration.

“The Second Schedule of the Anti-Money Laundering Act, 2013 is also being amended to include virtual assets providers on the list of accountable persons,” he said adding that, ‘this will bring virtual assets service providers including providers of cryptocurrencies to be brought under the purview of the Financial Intelligence Authority and will be required to adhere to reporting requirements under the Act”.

Mwine Mpaka (Youth Western) who moved a motion in 2018 calling for a ban on such schemes however, accused government of protecting those involved in the business.

“The Financial Intelligence Authority submitted a list of all companies involved in this fraudulent business and the Ministry of Finance knows them but they are quiet. I know of a bishop who is involved in this business and he is heavily guarded,” he said.

Jovah Kamateeka (Mitooma district) called for increased sensitisation of the public about the dangers of investing in such schemes.

“We need to encourage our children to value hard work because some university students have also been duped. You do not put money into a computer and think you will earn too much,” she said.

The Speaker, Rebecca Kadaga questioned government’s commitment towards banning such schemes saying that the issue has been raised severally but no action has been taken.

“We expected government to update Parliament on progress made in disbanding accounts of such schemes and a ban on their operations,” she said.

Kadaga directed government to update the House on the progress made on sensitizing the public on the dangers of investing in ponzi and pyramid schemes.

Cryptocurrency is a virtual currency in which encryption techniques, based on Block chain technology, are used to generate units of the virtual currency and verify the transfer of virtual funds. Cryptocurrency provides for its own authenticity, validity and usage terms and conditions. lt is a decentralized peer-to-peer payment network that is powered by its users with no central authority.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share5Tweet3SendShare

Related Posts

News

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
NUP leaders
News

NUP’s Pragmatic Pivot: Sending a Bipartisan Treasurer to IPOD

10th July 2025 at 19:29
News

New order growth spurs continued improvement in Ugandan business conditions in June

10th July 2025 at 19:22
Next Post
President Yoweri Museveni

Museveni to write about Coronavirus to create public awareness 

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1125 shares
    Share 450 Tweet 281
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    49 shares
    Share 20 Tweet 12
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    36 shares
    Share 14 Tweet 9
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2289 shares
    Share 916 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    48 shares
    Share 19 Tweet 12
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
NUP leaders

NUP’s Pragmatic Pivot: Sending a Bipartisan Treasurer to IPOD

10th July 2025 at 19:29

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda