Kadaga warns MPs against cryptocurrency

The Speaker of Parliament, Rebecca Kadaga, has asked MPs to be cautious about the rampant crypto pyramid schemes in the country which have conned Ugandans of their hard-earned money.

In her communication to the House this afternoon, Kadaga told Parliament that she had received a number of petitions from Ugandans whose money had been taken by different pyramid schemes.

"They come to you saying put your money for one week and you will get double that money. Please be careful and please inform your electorate about these schemes," Kadaga warned.

Citing examples of different people that had petitioned her office, Kadaga informed the MPs of how a group of people had lost about Sh20b in one of the schemes.

She also cited a young man, who had collected money for his wedding, but because he wanted to get interest on the money, he lost it to the scheme which had promised to double it.

"Another group came and said they had lost Sh500m, it was too much I said I didn't want to hear anymore so please honorable members be cautious," she said.

Last week, over 5,000 people petitioned Parliament seeking a refund of money invested in Dunamiscoins Resource Ltd, a private firm that accepted deposits before suddenly closing shop in December.

Dunamiscoins Resource Ltd was a privately owned company, which claimed it was committed to providing complementary roles to banks, bridging gaps for the informal sector by providing income for the poor.

The Company's bank account was frozen late last year and the petitioners said that they are not sure of their money having invested up to Shs23 billion. Kadaga expressed concern at the rate in which Ugandans are being duped by such schemes before a government which she said is supposed to protect its citizens from such crypto pyramid schemes.

Copy rights

In her communication, Kadaga also asked the government to explain the steps being taken to establish the Copy Rights Association to protect the artists and authors. "It is embarrassing for me to receive petitions that the government does not take interest in this.

It is a great irony that the president spends so much time with comedians and singers among other performing artists when the ministers who should be assisting him to regulate the industry have not taken their responsibility seriously," Kadaga said.

Kadaga tasked the minister of Justice to explain to the House when he plans to activate Section 82 of the Copyright and Neighborhood rights act. "I direct that this response should come within one week," Kadaga ordered.