Bank of Uganda: Warning to the general public about 'One Coin Digital' Money operations in Uganda

  • Posted on: 20 April 2017
  • By: admin

KAMPALA – Tuesday February 14, 2017 Bank of Uganda (BoU) wishes to notify the general public that the entity “ONE COIN DIGITAL MONEY” is not licenced by the BoU under the Financial Institutions Act, 2004 and is therefore conducting business outside the regulatory purview of the BoU. The above entity’s website address is www.onecoin.eu and it has opened up an office on the Fourth Floor, Mukwano Courts, Buganda Road, Kampala. The company is still in its formative stages but it is aggressively encouraging members to buy digital money and promising very high returns and rewards on ‘first-come-first-served’ basis.

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.

The public is strongly encouraged to do business transactions with only licensed financial institutions.

The list of these institutions can be viewed on the Bank of Uganda website (www.bou.or.ug).

Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial sector. For further enquiries, please call 0414-258441/6 or email us at info@bou.or.ug.

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