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Akol wants policy on cryptocurrencies

By Taddeo Bwambale

Added 14th December 2019 05:52 PM

The Uganda Revenue Authority boss said a policy on digital currencies urgently needed since many Ugandans were already trading in them

The Uganda Revenue Authority boss said a policy on digital currencies urgently needed since many Ugandans were already trading in them

 

The absence of a policy on cryptocurrencies is denying Uganda key benefits from digital platforms that are transforming business, the Uganda Revenue Authority (URA) top boss has said.

Speaking at a public dialogue on national development at Protea Hotel on Thursday, Akol said a policy on digital currencies urgently needed since many Ugandans were already trading in them.

"Some goods are coming through our customs that have been purchased using loyalty points or air miles and we clear them. But there is no policy on cryptocurrencies," she stated.

Organised by the Advocates Coalition on Development and Environment (ACODE), the dialogue sought views from experts about funding for the new national development plan.

The second National Development Plan (NDPII) which came into force in 2015 ends in 2020, paving way for NDPIII.

The ACODE executive director, Dr Arthur Bainomugisha said the new development plan must pay attention to unemployment, the shrinking informal sector and low investment in agriculture

Dr Albert Musisi, from the macroeconomic policy department at the finance ministry, said the government needs more domestic revenue sources to finance the new development plan.

The International Monetary Fund (IMF) country representative, Clara Mira, noted that Uganda needs to create at least 600,000 jobs every year to absorb the growing labour force.

ACODE and partners launched a book titled: ‘Local Governments in Uganda ' Democracy, Accountability and Civil Engagement.'

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