Ugandans have been warned against joining an entity called One Coin Digital Money. According to the Bank of Uganda, one coin digital money is not licensed by the central bank. The central Bank licences financial institutions under the Financial Institutions Act, 2004.
The One Coin Digital Money opened up offices on the Fourth Floor, Mukwano Courts, Buganda Road, Kampala. The company is still in its formative stages but is aggressively encouraging Ugandans to buy digital money and promising high returns.
Bank of Uganda warns the general public that whoever wishes to invest their hard earned savings in Cryptocurrency forms such as One-coin, Bitcoin, Ripple, Peercoin, Namecoin, Dogecoin, Litecoin, Bytecoin, Primecoin, Blackcoin or any other forms of Digital Currency is taking a risk in the financial space where there is neither investor protection nor regulatory purview. The public is hereby warned that whoever deals with “ONE COIN DIGITAL MONEY” does so at his or her own risk. Governor Emmanuel Tumusiime-Mutebile
What is Cryptocurrency
Cryptocurrency is a digital currency where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. These currencies include bitcoin, Ethereum, Ripple, Lite coin, Monero, Dash and many others.
According to the Cryptocurrency market capitalization’s, there are about 710 cryptocurrencies available for trade in online markets with a Market Cap of $19,049,723,312 and a 24 hour Volume of $153,421,070. Bitcoin is the dominant online currency with a market share of 85.5%.
Bank of Uganda press release