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Ugandan Government Bans Use Of Cryptocurrency In Uganda

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The use of cryptocurrency is banned in Ugandan

Uganda has made its stance clear on cryptocurrency within Uganda. A statement by the Bank of Uganda revealed that it has not granted a license for any form of cryptocurrency exchange within the country.

In a circular passed on by the acting director of the national payments system, Andrew Kawere, the Bank of Uganda advised its citizens about the usage of cryptocurrency within the country.

” This is to advise that the Bank of Uganda has not licensed any institution to sell cryptocurrencies or to facilitate the trade in crypto-currencies. This is in line with the official government position as communicated by the Ministry of Finance, Planning and Economic Development in October 2019,” the circular reads.

Interestingly, cryptocurrency exchanges within Uganda have grown considerably large, a market that has since become quite vibrant. The increasing economic issues faced by the average Ugandan have left many seeking a supplementary income, and cryptocurrency has provided just that.

While the benefits of cryptocurrency as reported by business platforms remain immeasurable, there have been cases of Ugandans who have lost their money to the unreliable “tides” of the cryptocurrency market. To this effect, the Ugandan bank is determined to minimize and ultimately disallow the use of cryptocurrency.

Of course, several active groups and platforms have claimed to be intermediaries with the ability to convert cryptocurrencies into mobile money, but their adverts haven’t gone unnoticed by the Bank of Uganda. In response to these rumors, the Central Bank of Uganda has revealed that it has not given a license to such platforms to operate in that capacity. “We are also aware that such a conversion cannot happen without the participation of the payment service providers or payment system operators,” BoU says.

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As a result, the Central Bank has issued a warning to all firms licensed under the National Payment Systems Act of 2020 not to facilitate cryptocurrency transactions. In clearing this up, a section of the Ugandan financial laws was quoted; “Bank of Uganda shall not hesitate to invoke its powers under Section 13 (1) (b) and (f) of the NPS Act 2020 for any licenses that will be found in breach of the above directive,” the circular reads.

The Central Bank also directed the public to the 2019 circular issued by the Ministry of Finance, which outlined the government’s position on cryptocurrency use in Uganda.

Despite the advent of the practice of using, holding, and trading in cryptocurrencies in the country, the holders carry the risk, according to the Finance Ministry’s 2019 circular, because they are not issued or controlled by any government or central bank anywhere in the globe.

The government declared its stand unequivocally, clearly stating that it “recognizes no cryptocurrency as a form of exchange within Uganda.” As a result, unlike other owners of financial assets who are protected by government regulation, holders of crypto-currencies in Uganda do not have any consumer protection should the value assigned to their holdings of crypto-currencies be lost, or should organizations facilitating the use, holding, or trading of crypto-currencies fail to deliver the services or value they have promised for whatever reason, according to the Ministry of Finance.

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I Wrote One Of The Biggest Songs In The World For A Nigerian Artiste – Kuami Eugene

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📸: Kuami Eugene

Three times Highlife Artist of the year Kuami Eugene has revealed that he is the ghostwriter for one of the most viral songs in West Africa.

Rockstar Eugene visited Giovani Caleb on the 3FM Drive where he disclosed that he wrote one of the most viral songs in Africa for a popular Nigerian artist.

He kept details of the name of the artist and the title of the song to himself but hinted that it ranks among the top 5 viral songs on TikTok.

Kuami Eugene added that he does not regret writing the song for the Nigerian artist because he was paid handsomely for his work.

The Lynx Entertainment Signee has worked with a number of Nigerian musicians but his recent work was on the viral song with CKay.

Eugene could not confirm or deny if that was the song he wrote, all he could say was CKay owns the rights to the song.

Kuami Eugene’s new song ‘Take Away’ is out and streaming on all music platforms.

SOURCE: 3NEWS

 

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Johnny Depp trial LIVE: Day 22 Of Defamation Battle With Amber Heard

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Hello and welcome to this Wednesday’s live blog on the trial involving Johnny Depp and Amber Heard.

After a long battle, we are now in what could be the last week of proceedings. Depp and Heard have both taken to the stand, and now there is a focus on what the witnesses have to say, as well as those close to the former married couple.

It was thought that Depp could be asked to return to the stand, having done so in the early part of the trial, but it appears as though Heard‘s camp have changed tact and will not do this.

One well-known person who is expected to give evidence via a video link today is Kate Moss, Depp’s ex-girlfriend.

The reason for the trial is that Depp is suing Heard for a sum of 50 million dollars due to a domestic abuse column she wrote in the Washington Post in 2018, while she countersued for 100 million dollars.

Throughout the course of day, you will be able to see the latest news surrounding the Depp-Heard trial, as well as updates from the courtroom in Fairfax, Virginia.

The trial is in progress. Watch Live : Johnny Depp Amber Heard Trial

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Caitlyn Jenner Says Kanye West Was ‘Very Difficult to Live With’ During Marriage to Kim Kardashian

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Dimitrios Kambouris/GI for The Met Museum/Vogue/ source: Billboard.com

Caitlyn Jenner opened up about Kim Kardashian‘s romantic relationships as a guest on The Pivot Podcast on Tuesday (May 24), and shared her thoughts about her former stepdaughter’s estranged husband Kanye West and her current boyfriend Pete Davidson.

“He was very difficult to live with,” Jenner said of West, though she added that the rapper supported her when she transitioned back in 2015.

“Actually, I’m really into Pete right now with Kim,” she shifted gears, talking about the SNL star’s growing relationship with Kardashian. “We have a comedian in the family. Yay! We don’t need more rappers. We need a comedian in the family.”

Kardashian began dating Davidson in the fall, soon after she hosted Saturday Night Liveand nearly a year after she filed for divorce from Ye. The former couple, who tied the knot in May 2014, share four children: North, Saint, Chicago, and Psalm.

Jenner shared that she ended up meeting the 28-year-old comedian when the Skims founder brought him to the former Olympian’s Malibu home recently. “[Davidson is] very different than what she would normally date, but Kimberly has been through a lot with the guys she’s been with, especially Kanye,” she said. “Pete is 180 degrees in the other direction. First of all, he treats her so well, and when they were over here, Kim [was] so happy, and Kim deserves to be happy.”

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