The Ugandan Central Bank Is Considering Issuing Digital Currency.

2022-05-07 | Selina Mathew

The Ugandan Central Bank Is Considering Issuing Digital Currency.

Uganda's central bank is debating whether to launch a digital currency but has not outright outlawed chevaliers.

Central Bank of Uganda Examining the Possibility of Issuing Digital Currency

The central bank of Uganda is considering introducing digital money.

Uganda's central bank is considering issuing a digital currency and has not outlawed cryptocurrencies, but a senior bank official said on Friday that the technology poses hazards to consumer protection and financial inclusion.

In an interview with Reuters, Andrew Kawere, the bank's head for national payments, said: "Bank of Uganda is now performing preliminary investigations on whether or not a central bank digital currency should be explored... and specifically investigate what policy objectives it would answer."

"Do we aim to address financial inclusion, payments, or foster financial innovation?" That is a question that remains unresolved."

African countries have taken a diverse approach to digital currencies. Last year, Nigeria's central bank prohibited local banks from dealing with cryptocurrencies before introducing its own digital currency, while the Central African Republic, in an African first, approved bitcoin as its official currency last month.

Mr Kawere said there was no timetable for completing their research or creating digital money, but that they were concentrating on the technology's vulnerabilities.

"As the Bank of Uganda, we are highly concerned about consumer protection. We have poor levels of digital financial knowledge in Uganda... the people need some protection against this.

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