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UGANDA BANK WANTED TO UPGRADE THEIR SKILL OF SAND BOX REGULATIONS FOR FURTHER TECHNICAL DISCUSSIONS

UGANDA BANK WANTED TO UPGRADE THEIR SKILL OF SAND BOX REGULATIONS FOR FURTHER TECHNICAL DISCUSSIONS 

Bank of Uganda is open to the idea of ​​cryptocurrency businesses participating in its Control Sandbox, inviting members of the Blockchain Association of Uganda (BAU) to share their knowledge with the central bank.


The bank's June 1 letter to BAU chairman Kwame Rungunda mentions a meeting between the two parties in early May. The central bank also advised the national team representing crypto to consider the sandbox rules before giving them time to continue technical discussions.



In June 2021, the bank introduced a sandbox regulatory framework that allows financial technology companies (FinTech) to explore “new financial solutions” in a controlled environment in hopes of promoting the use of electronic payments and other digital financial services in the country.


The latest letter appears to be a turn-off in the Bank of Uganda regarding cryptocurrency.


At the end of April, the bank issued a warning about cryptocurrencies, sending a notice to all payment services providers in the country saying that by allowing crypto transactions they were opening up the world to money laundering and scams.


He added that any supplier such as a bank or a fintech business found to be in the business of secrecy will have their financial license revoked.


Crypto is not banned in Uganda and can still be purchased, seized, and sold. However, cryptocurrencies are not regulated, and the company will still be licensed for digital assets to operate in the country.



The adoption of Crypto in Africa is hot, attracting the attention of many businesses and crypto companies. Between 2020 and 2021 the use of crypto in Africa increased by about 1,200% and about 2% of Ugandans used crypto.


Across the continent, with other countries using the crypto-friendly approach, the Central African Republic became the first African country to accept Bitcoin (BTC) as a legal tender and the only second country to do so.


Kenya's state-owned power company KenGen has also invited Bitcoin miners to relocate to the country to buy more geothermal energy, which could see his government generate revenue from crypto mining mines or taxes.

Source: cointelegraphy




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