Speaker of Uganda Parliament, Rebecca Kadaga, has admonished Members of Parliament to be cautious about the rampant crypto pyramid schemes in the country which has left many citizens defrauded.

This is as a result of a private firm, Dunamiscoins Resource Limited, which scammed over 5,000 people of their hard-earned money. However, the private firm closed in December.

Dunamiscoins Resource limited, a privately-owned company, assure it was committed to providing complementary roles to banks and providing money for the poor.

The Company’s bank account was frozen late last year and the petitioners, having invested up to Shs23 billion, said they are not sure of getting their money back.

According to her, this is not the first time of receiving petitions from Ugandans swindle by different pyramid schemes.

“Inform everyone around you about these schemes and be careful as well. They will also come to you and tell you to put your money for one week and it will be doubled,” Kadaga warned.

She further added that some group of people had lost about Sh20b in one of these schemes.

Uganda Government is not taking action

The speaker expressed her worries over the fact that the government is not doing enough about the issue.

She also noted it was embarrassing receiving petitions that the government does not take interest in this.

“The government also should let people know the steps taken to establish the Copy Rights Association intended to protect the artists and authors,” she noted.

Africa the next frontier for Cryptocurrency

Although some group of persons has utilized digital currency for fraudulent activist, the continent named by experts as the next frontier for Cryptocurrency.

Interest in cryptocurrency has recently, grown in Africa. Some economists say it is although it’s a disruptive innovation it has the potential to blossom on the continent.

Many big crypto brands such as Bitcoin, Litecoin, XRP, Monero, among others has established a base in Africa.

Notably, African governments are now leaning towards digital currency as some government has declared their intention to establish a Central Bank Digital Currency (CBDC).

Although, the continent has the lowest rate of Internet usage than any region, according to a 2017 report by the International Communications Union. Countries such as Nigeria, Kenya, South Africa has higher participation from the continent.