The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Blockchain Association of Uganda has urged extra caution for all those who wish to attend the Kampala Blockchain Summit due tomorrow.
In a statement signed by Uganda Blockchain chairman Kwame Rugunda, the association said they have been forced to raise a red flag on the summit following several inquiries from the public.
“Having preliminarily reviewed Streakk, our industry opinion is that Streakk presents numerous red flags, and those participating with them are doing so at their own risk. Therefore, the Blockchain Association of Uganda hereby distances itself from the Kampala Blockchain Summit,” said Kwame.
“Our opinion is based on a preliminary review, and the Association is holding further technical consultations with Streakk,” he added.
“If these ongoing consultations persuade a change of opinion, we will communicate so to the public, until then however, this is the opinion of the Association. Those keen on further research should review their white paper, smart contract and token economics.”
The statement stated that as a local industry association, they are duty-bound to inform Ugandans of any concerns regarding groups that associate themselves with blockchain.
“We will continue to work with Government and all stakeholders to grow the ecosystem, protect the integrity of the industry and develop policy frameworks to harness blockchain’s capabilities while mitigating its due risks.”
The Blockchain Association of Uganda is an umbrella organization of technology, legal, academic, and industry experts working with blockchain technology and cryptocurrencies. The Association aims to create a robust and well-regulated blockchain innovation ecosystem in Uganda.
The blockchain and cryptocurrency industry has attracted global interest, with several companies providing various innovative services, while others are masquerading as crypto businesses.
Many have used crypto rhetoric and marketing gimmicks to operate scams and defraud citizens.
Recent scams in Uganda have included OneCoin, Dunamis and D9.
“More will continue to arise and so we urge Ugandans to remain vigilant, and always do their own research. As a rule of thumb, citizens should flee from groups calling themselves crypto businesses that recruit members using exaggerated marketing and promise them rewards for recruiting others,” said Kwame.
