CRYPTO-CURRENCIES AND THE LAW. What Does The World’s Embracing Of Crypto-Currencies Mean For Uganda And Other Developing Countries?
Introduction. From using Barter trade to Cowrie shells, to the Indian rupees in the 1800s, to the East African currency, the Ugandan economy has taken a slow but surely formidable turn in the evolution of its currency. Since Uganda attained her independence in the year 1962, the then newly issued Uganda Shillings Currency (UGX) could only give one a glance at what would come in the future with the newly created Bank of Uganda its custodian. With almost all political regimes that the country has experienced, majority if not all regimes have adopted a modus operandi that has seen the Uganda shillings go through a robust series of evolution depending on what that specific regime desires until the year 2013 when the 1987 series ceased to be legal tender. The most salient feature about the Ugandan currency is the fact that it is centralized and can only be issued and regulated by the state, through its organs and in this case being the Bank of Uganda which is Uganda’s central ba...