The central Bank this morning sounded a warning about a new crypto currency company that recently opened offices in Uganda, and discouraged Ugandans from doing business with it.
One Coin Digital Money, located on the website onecoin.eu recently launched in Uganda and has opened up offices on the fourth floor of Mukwano Courts on Buganda Road.
Bank of Uganda warned in a statement today that One Coin Digital Money has not been licensed by the Central Bank and that dealing with them would be at one’s own peril.
Although the company is still in its formative stage, BoU noted that they have been aggressively encouraging members to buy digital money promising very high returns and rewards on First come – First serve basis.
The company which claims to have millions of customers in 195 countries across the globe promises to empower them by ‘providing borderless, low-cost financial transactions and connecting them to the financial world.’
The central bank’s Governor Emmanuel Tumusiime Mutebile warned the public that whoever invests their hard earned savings with the company or any other crypto currency companies would be taking a huge risk in the financial space where there is neither investor protesction nor regulatory purview.
“The public is strongly encouraged to do business with only licensed financial institutions,” cautioned the Central Bank Governor,