Bank of Uganda launched a study on national digital currency
A national cryptocurrency will allow financial transactions to be carried out cheaper and faster
11.03.2022 - 15:25
537
1 min
0
What’s new? The Bank of Uganda (BOU) has begun exploring the possibility of issuing a national digital currency and also plans to review the country’s financial laws, the CGTN Africa YouTube channel reports. The decision of the Central Bank is supported by CBDC proponents who believe that digital currency will allow financial transactions to be carried out cheaper and faster.
Link to the CGTN Africa YouTube channel
What does the Central Bank representative say? The bank’s executive director for operations, Charles Abuka, has warned that the BOU has to be clear on why it wants to launch the CBDC. Abuka suggested that the issuance of digital currency will have technology implications as well as require some costs.
The executive director stressed that national cryptocurrencies may be susceptible to cyber-attacks.
What are the benefits for the Central Bank? One of Uganda’s digital currency proponents and a blockchain consultant, Noah Baalessanv, believes that CBDC will allow the Central Bank to gain insight into the “actual economy” because it will be able to trace transactions.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 891
BTC
+0.27%
-
Ethereum
$3 327.98
ETH
-1.21%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.46
XRP
+19.43%
-
Dogecoin
$0.409856
DOGE
+6.19%
-
Cardano
$1
ADA
+22.53%
-
Stellar XLM
$0.340281
XLM
+32.6%
-
Bitcoin Cash
$488.29
BCH
+0.28%
-
Polkadot
$6.64
DOT
+11.8%
-
Litecoin
$91.77
LTC
+2.59%