Uganda warns investors again about risk of unregulated cryptocurrency and Ponzi scheme

According to Bitcoinist, Uganda's Ministry of Finance has issued another warning about investing in crypto assets due to concerns about the growing Ponzi scheme and pyramid scheme. Local sources said the government is currently amending its criminal law to ban such fraud. Uganda's Finance Minister David Bahati addressed the Ugandan parliament yesterday, asking the government to issue a warning to Ugandan investors about the risks of investing in unregulated cryptocurrencies and Ponzi schemes. David Bahati also announced that the Working Group of National Experts of the Fourth Industrial Revolution will continue to advise them on these issues. The group was formed in March 2019, initially to analyze blockchain projects, cryptocurrencies, artificial intelligence, 3d printing, data analysis, machine learning, the Internet of Things, robotics, nano and biotechnology. However, the working group is also focusing on global trends and making recommendations to parliament on how best to apply these technologies in Uganda. David Bahati also asked the government to completely ban the Ponzi scheme.