Last month, Bank of Uganda Executive Director Supervision, Justine Bajanda through a circular issued to all Chief Executives of Commercial Banks, Credit institutions and Micro Finance deposit taking institutions gave orders that account of D9 Chief Magara Potus be frozen. D9 Secretary responded as such; “I don’t want to say that the directive given by the Bank of Uganda is going to stop the operations D9 that’s for one. I think a process has to be followed, investigations and what needs to be done but you cannot just say stop. So we can’t be in violence until some Kind of charges are being put in place.” Said, Jamina Apiyo, Partner, ABM Advocates.

But despite having in place an enabling F structure backbone through internet accessibility to run digital businesses, concerns remained on how ready the country was at least legally speaking. “If you don’t have a legal framework in the country that tells you what to do or not do then what is stopping you from doing it? Right, that’s what we come down to. We come to the theme of association, not as a constitution.” Said, Jamina Apiyo. “Yes, the Minister of Economic Monitoring in the President’s office is a member of D9.” Said, John Sebutinde, D9 Sports Trading Uganda. This kind of situation brought to bear the reality of how slow regulators were towards financial sector resolutions especially those based on technology.

Several central banks including Uganda’s asked on their position on cryptocurrency said they were still studying it but seems for now it is a robust financial platform. “Listen to the contract understanding this package you buy, we give you a payment for 52 weeks. You get the money in, you pay it within one of their accounts or it can be sourced and then your account is created and straight away the following week you start to receive your payments.” Said, Pastor Mark Kigozi, D9 Club Sports Trading. Cryptocurrencies work outside central bank jurisdiction at least for now and the story of mobile money continued to demonstrate how much regulators like Bank of Uganda must step up and as soon.