Unlike national currencies, bitcoin – a form of cryptocurrency – is not controlled by a central authority. In Uganda, the digital currency has been left largely unregulated but now the country could become the first in Africa to adopt legal regulations for using bitcoin to perform monetary transactions.
This comes after the East African nation hosted an event focusing on the policy guidelines as well as legal and social issues regarding the use of cryptocurrencies on the continent, according to an AFKInsider report.
Next year, the Ugandan government, together with its partners, will hold a series of discussions with judiciary representatives, law drafters and other stakeholders. Furthermore, the nation’s Central Bank is also in the process of stepping up its efforts to regulate bitcoin to prevent money laundering.
