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M7, Mutebile Clash Over Cryptocurrencies

President Yoweri Museveni has hit at Bank of Uganda Governor Emmanuel Tumusiime Mutebile for being dogmatic and unwilling to adapt to technology.

The two were speaking during the Africa Blockchain Conference which opened at Kampala Serena Hotel on Wednesday. The conference, organized by the Blockchain Association of Uganda, was reviewing the role of Blockchain technology in Africa’s transformation.

Blockchain is the world’s leading software platform for digital assets. It keeps a record of all data exchanges which is referred to as a ledger in the cryptocurrency world. Each data exchange is a transaction while every verified transaction is added to the ledger as a block.

But Mutebile told the meeting that Blockchain technology lacks the necessary prerequisites to work as a currency and that people who sell cryptocurrencies risk being banned when the bubble bursts.

He cautioned that no cryptocurrency that can match the legality of a national currency adding that the technology can only succeed in the presence of a legal provision to give a currency status to a crypto.

URN

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