Saturday, July 12, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

MILESTONE! BoU welcomes digital asset firm into its ragulatory sandbox

by Ronald Mayega | Reporter
12/06/2022
in TECH
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter
The central bank launched the sandbox a year ago, in June 2021
The central bank launched the sandbox a year ago, in June 2021

Digital asset firms will now be able to participate in a regulatory sandbox operated by the Bank of Uganda. The regulator has invited the country’s top blockchain advocacy organization to work together and share knowledge on suitable digital asset integrations, a month after it barred financial institutions from facilitating Bitcoin transactions.

In a letter to the Blockchain Association of Uganda dated June 1, the bank stated that it welcomes the organization’s proposal to “share knowledge with our technical teams on the crypto business models and whether some use cases are eligible for testing under the regulatory sandbox.”

Related posts

The late Fatumah Nabiwemba (Courtesy photo)

Assistant DPP Nabiwemba to buried on Saturday

11/07/2025
243

ODPP Procures 13 Vehicles to ease it’s Prosecutorial Function

09/07/2025
160
UHRC Chairperson, Lady Justice Mariam Wangadya, Commissioners of UHRC and other stakeholders who participated in the workshop.

Human Rights Record: UHRC Prepares government agencies for UN periodic review

08/07/2025
201
Rtd General Mugisha Muntu addressing the gathering at Uganda Law Society headquarters on Thursday.

Ugandans should take a lead role towards the country’s peaceful transition

04/07/2025
168

The central bank launched the sandbox a year ago, in June 2021. At the time, it said that the initiative would “promote financial services innovation, attract capital and funding for fintech firms, and provide shared learning opportunities for the innovators and regulators.” It would target the promotion of electronic payments, digital financial services, and financial inclusion, it said. The announcement didn’t reference digital assets or blockchain technology.

The invitation to the sandbox comes just a month since the bank prohibited all financial institutions from engaging in or facilitating digital asset transactions.

In May, the bank’s director of national payment systems, Andrew Kawere, released a statement claiming that the bank had noted a rise in payment service providers who were facilitating digital asset transactions. Kawere prohibited such activities, reminding the institutions that the central bank hadn’t licensed any payments company to engage in digital currency transactions.

Digital currencies aren’t illegal in Uganda, however. Citizens can hold, sell, or buy Bitcoin as the regulations are ambiguous, just like in many other African nations.

Earlier this year, State Minister for Finance David Bahati noted that one of the biggest challenges for the government has been regulating entities that offer Bitcoin without getting the required licenses.

“The challenge is that operators of such schemes register as financial institutions but when they get on the ground, their operations are different,” he noted.

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: Bank of AfricaBank of UgandaBlock chainCryptocurrencyFeaturedSandbox

Related Posts

Innocent Kawooya, the HiPipo CEO noted that innovators can use Mojaloop to develop secure and interoperable payment systems that are acceptable globally.
TECH

17 Startups to watch out for in 2022

by OUR REPORTER | UG STANDARD
05/01/2022
0
169

Innocent Kawooya, the HiPipo CEO noted that FinTech giants like Craft Silicon offer a variety of learning options for young...

Read moreDetails
The Digital Impact Awards Africa celebrates digital excellence across the continent, big or small, local or international.

2022 Digital Impact Awards Africa open for nominations

01/09/2022
160

2022 National Science Week kicks off at Kololo

09/11/2022
184
2022 Women in FinTech Hackathon participants make final presentations

2022 Women in FinTech Hackathon participants make final presentations

16/09/2022
152
Load More

Popular Articles

  • Check out the top schools with pupils who scored 6 in 4 aggregates in the 2024 PLE results, as released by UNEB

    PLE 2024 Results: Top Schools with 6 in 4 Aggregates

    4377 shares
    Share 1751 Tweet 1094
  • How to Renew Your National ID Online: NIRA Pre-Registration Portal 2025 Guide

    4065 shares
    Share 1626 Tweet 1016
  • NIRA unveils high-tech National ID, mass enrollment set to begin

    2667 shares
    Share 1067 Tweet 667
  • FULL LIST: Ministry of Education, NCDC publish self-study workbooks amid COVID-19 lockdown

    3323 shares
    Share 1348 Tweet 823
  • How to Check PLE Results 2024 on Phone, Online

    1785 shares
    Share 714 Tweet 446
  • PLE 2024 Results: UNEB Clarifies on Release Date

    1651 shares
    Share 660 Tweet 413
  • MPs clear govt to cancel 2020 academic year

    2796 shares
    Share 1150 Tweet 686

Recent Articles

Traders decry lack of education on tax matters, call for greater sensitization

12/07/2025

Graduates Urged to Innovate as Over 1,000 Complete Training at Nakawa Vocational Training College

12/07/2025
The IGG Beti Kamya urged Ugandans to help expose suspicious wealth, such as high-rise apartments owned by public officials.

How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption

11/07/2025

betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round

11/07/2025
Herbert Achai

Transfers: Herbert Achayi Returns to KCCA FC

11/07/2025
The accused persons at Court on Friday.

Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

11/07/2025
Brian Mulondo (C) moderates the MTN MoMo Power to be More campaign Launch with MTN's Richard Yego (L) and Jemima Kariuki (R)

MTN MoMo Broadens Digital Offerings to Empower Individuals, Businesses

11/07/2025

Recent CommentsRecent Comments

  • The Journey of Ibrahim Traoré on How President Ibrahim Traoré’s ambitious vision is driving Burkina Faso’s economic growth push
  • Ugandan Scientists Finalists For European Inventors Prize — Press Uganda on Ugandan scientists finalists for European inventors prize
  • Government Pumps UGX1 Trillion Into UDB To Drive Industrialization, SME Growth — Press Uganda on Government pumps UGX1 Trillion into UDB to drive Industrialization, SME growth
  • PS Ggoobi Tips On Building USD 500b Economy — Press Uganda on PS Ggoobi tips on building USD 500b economy
  • Museveni Meets German Envoy Matthias Schauer After Subversion Claims — Press Uganda on Museveni meets German envoy Matthias Schauer after subversion claims

UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • Traders decry lack of education on tax matters, call for greater sensitization
  • Graduates Urged to Innovate as Over 1,000 Complete Training at Nakawa Vocational Training College
  • How the Office of the IGG is Turning the Tide in Uganda’s Fight Against Corruption
  • betPawa Makes History with Africa’s Biggest Aviator Win — UGX 3,582,370,00 in One Round
  • Transfers: Herbert Achayi Returns to KCCA FC
  • Gomba District Commission Members, charged with extortion and Soliciting Bribes for Jobs

OpED

Equipping Youth with Skills for a Sustainable Future: A Mission We Must All Embrace

Fueling the Future: How Pesapal’s Forecourt Management Solution is Transforming Uganda’s Petroleum Sector

HELLEN MASIKA: From Darkness to Solar Light in Kijumba 

Why de-register a Motor Vehicle in Uganda: and Consequences of Non-Compliance

Challenges of taxing law firms in Uganda

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d