Ugandan High Court Rules to Uphold Central Bank's Crypto Prohibition
-
Loading... - Turbanista Lovers
- 05 May 2023
- 63 Views
- 0 Like
- 0 Comment
A Judge of a High Court in Uganda recently dismissed an application which sought to quash a Bank of Uganda directive that barred licensed entities and individuals from facilitating crypto transactions. In his ruling, Justice Musa Ssekaana insisted that the central bank’s crypto prohibition does not amount to an infringement on property rights.
Cryptocurrency an ‘Undefined’ Payment System in Uganda
The High Court in Uganda recently dismissed an application that sought to upend a central bank directive that bars cryptocurrency transactions. In his ruling, the court’s Justice Musa Ssekaana, insisted that the Bank of Uganda (BOU)’s April 2022 directive does not infringe on individual property rights. Instead, the directive is an attempt by the central bank not to legalize the “undefined system as a payment instrument in Uganda.”
As previously reported by Bitcoin.com News in May 2022, the BOU warned parties disregarding its directive that it will not hesitate to invoke “its powers under Section 13(l) (b) & (f) of the NPS Act, 2020 for any licensees that will be found in breach of the above directive.”
Immediately after the directive was issued, Silver Kayondo, a Ugandan crypto trader, sought redress via the High Court. In addition to having the court declare cryptos legitimate digital assets, Kayondo also wanted the court to set aside the central bank’s directive. Read More…
