- The statement explains that the Bank of Uganda has not licensed any institutions to sell or handle the trade-in of cryptocurrencies.
- The committee will examine whether Pakistan would fall behind other nations regarding technological growth if crypto is outlawed.
Uganda warns firms against crypto transaction facilitation
The Ugandan central bank recently published a document warning the public that no firm can sell or support cryptocurrency-related operations without first seeking approval. The notice warned authorized organizations to stop converting cryptocurrency to mobile money and vice versa.
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The statement came from Andrew Kawere, the Bank of Uganda's (BOU) director of payments, less than three years after the nation's finance minister Matia Kasaija made similar comments, as per the Monitor. Kawere is mentioned in the paper as repeating the central bank's viewpoint. He stated, "
"The Bank of Uganda has taken note of news stories and advertisements instructing the public that cryptocurrency may be converted to mobile money and vice versa. We also recognize that such a conversion is impossible to achieve without the involvement of payment service companies and/or payment system providers. This is to inform you that the Bank of Uganda has not issued any licenses to any institutions to sell or handle the trade-in of cryptocurrencies. This is consistent with the official government viewpoint, which the Ministry of Finance, Planning, and Economic Development stated in October 2019."
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However, Kawere cautioned licensed firms that if they violate Uganda's National Payment System Act, 2020, the central bank will not hesitate to "invoke its powers under Section 13(l) (b) & (f) of the NPS Act, 2020 for any licensees that will be found in contravention of the foregoing order."
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According to papers reviewed by The Express Tribune, Pakistan's federal government has formed three sub-committees to determine the fate of cryptocurrencies and associated enterprises in the nation.
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The sub-committees were constituted during a meeting headed by Finance Secretary Hamed Yaqoob Sheikh to determine whether crypto companies should be legalized or banned. They'll look at every area of the crypto community and provide suggestions for the country's crypto legislation. Their recommendations will be forwarded to a committee chaired by the finance secretary.
Under the chairmanship of Pakistan's law secretary, the first sub-committee was created. The State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), and the Pakistan Telecommunication Authority (PTA) are all members of this sub-committee.
This committee will consider whether cryptocurrencies may be prohibited under present legislation. It will also provide a mechanism for banning cryptocurrency while preserving a balance between welfare and technical progress.
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Under the chairmanship of SBP Deputy Governor Saima Kamal, the other two sub-committees were formed. Representatives from the Ministry of Information Technology, the Securities and Exchange Commission of Pakistan, and the Pakistan Telecommunications Authority are among the members of these sub-committees.
Their suggestions will be based on a blanket ban on cryptocurrencies and their long-term consequences. They'll also discuss whether Pakistan would fall behind other nations regarding technological growth if crypto is outlawed.
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