25 May 2018 · 1 min read

Ugandan President Defends Crypto From Central Bank Governor

The President of Uganda, Yoweri Museveni, has accused the head of the Bank of Uganda of taking a “dogmatic” approach to cryptocurrencies.

The President of Uganda, Yoweri Museveni. Source: statehouse.go.ug

Speaking at a blockchain conference in Kampala, Bank of Uganda governor Emmanuel Tumusiime Mutebile claimed that cryptocurrencies “lack the necessary prerequisites to work as currencies,” and hinted that cryptocurrency traders “risk bans when the bubble bursts.”

Per media outlets the Independent and the Observer, Mutebile claimed the central bank should remain the “steward of public trust” in the financial system.

However, Museveni, who earlier this year met with Changpeng Zhao, the founder and CEO of cryptocurrency exchange Binance, is known to be a keen advocate of cryptocurrency and blockchain technology.

Museveni responded, “I encourage the governor to be inquisitive, and not to be dogmatic.” The president also accused Mutebile of attempting to lecture him on basic economic principles he was already well aware of.

The president added, “We’re going to discuss this among ourselves. You heard how the governor was violently against the idea. Policy will come from the results of brainstorming – not necessarily this session, but from others, in cabinet.”

Earlier this month, the government revealed it was planning to use blockchain technology to boost efficiency in the public sector.