Their comments have come to the awakening of the Bank of Uganda regarding its recent media campaign; upon giving a notice to the public of a warning against investing in the OneCoin. As a parallel with the one that is issued by the Central Bank of Nigeria, and coming from the Uganda’s top bank statement which refers to the OneCoin entity as not being under the license of the Financial Institutions Act 2004 which pertains upon operating right in the outskirts of any regulatory purview. And the fact that it also states that whoever is investing in the cryptocurrency such as the OneCoin, Bitcoin, Ripple, PeerCoin, NameCoin, DogeCoin, Litecoin, ByteCoin, PrimeCoin, BlackCoin and any other coins is taking risks in the financial space where there is neither investor security nor regulatory purview.
The insiders acknowledged that the Bitcoin truly stands out the most and also differently upon problem-solving use cases and must be also rendered as such relatively than being set aside together with the others while their main purposes are not renowned. A Bitcoin entrepreneur and cryptocurrency educator in Nairobi Kagwiria Mworia has mentioned that with a succinct and a little bit more of research and study, the Bank of Uganda and all of the other various government officials criticizing and tearing the Bitcoin apart will prove that the OneCoin really does not produce any single value and the fact that it is only a platform that transfers wealth from the people at the very bottom of the pyramid to the people of the pyramid. And she refers to that there has been not a single cryptocurrency exchange that she is aware of that is trading OneCoin, and this is a big red flag! She also continues that the Bitcoin, on the other hand, quite listed as a currency and it also serves as a payment system where every single transaction that is done are all listed in the encryption on a public ledger payment system which is the Blockchain that has been designed to be decentralized for any single body to view at any time and any place. The decentralization is a big and real deal as it allows all of the people to establish new Bitcoin services and exchanges.
All the way through numerous African countries that have to notice the digital currency-related initiatives spiraling up, Uganda has been flaunted to be a probable very first African country to regulate digital currencies. And in a report that has been released in the last year’s month of November, illustrates that the United Nations African Institute for the Prevention of Crime and the Treatment of the Offenders has held its very first roundtable discussion in the country where the issues that are associated to the regulation of the digital currencies were being talked about. And as an outcome of the said discussion, there are now probable plans and initiatives to develop instructive guidance which tackles by the principles that would be able enough to disseminate information through academic research and studies, scholarships and also data from the financial regulators.
Plus the fact that the Founder of the BitcoinNow in Lagos, Davidson Atere-Roberts believes that the African government fully needs to conduct a further research and study to draw precise conclusion regarding the OneCoin and the Bitcoin which the European countries have done in the past few years just to be able to gather a distinct information regarding to its subject. He also cites that the digital currencies’ role in Asia where the Bitcoin is disrupting the remittance market in the countries such as Japan, South Korea and also the Philippines are at the sophisticated stages of legalizing the Bitcoin. And China is also working together with the local Bitcoin community by establishing a regulatory framework. And for him, all of these particular actions are in contrast to the OneCoin and they clearly distinguish it from the Blockchain-pioneering Bitcoin technology.