The United Nations African Institute for the Prevention of Crime and the Treatment of Offenders (UNAFRI) that focuses on criminal justice issues, has released a report that provides instructive guidance on the regulation of digital currencies in Uganda.

The report is the output of first round-table discussion that was held on 7th July 2016, on policy, legal, ethical and socio-cultural issues surrounding the regulation of cryptocurrencies. The discussion created awareness on the potentials of bitcoin in Uganda, compared individual and institutional experiences and focused on developing instructive guidance on effective ways to regulate bitcoin in the country. The event was spearheaded by Dr. Maureen Mapp, a teaching fellow at the University of Birmingham Law School.

"I was inspired to engage with policy makers and regulators in order to investigate whether states could develop policies and regulation that encourage innovation while protecting the private rights and interests of users of virtual currencies," Mapp told CoinDesk.

The discussion panel agreed to the policy, legislative, investigatory, prosecutorial and adjudicatory principles associated with the regulation of bitcoin. The final draft included technological issues like security, risk assessment, and trust; policy objectives like innovation, inclusion and economic stability, consumer protection and security, policy development, among others. The draft also included a legal framework that involves legality, the power of regulatory bodies, categorisation of virtual currencies, legitimacy, among others. There was also investigation and prosecution on capacity building, intelligence-led policing, digital evidence, and so on.

"The legal and regulatory environment are moving towards embracing the technology so as to harness its benefits and to promote innovation. Another concern is how to mitigate any risks in order to protect the public interests, but without stifling innovation,” Mapp added.

The panel aims to publish the report to a wider audience at UNAFRI, University of Birmingham and other websites. With the feedbacks received, it plans to conduct the next round-table discussion that will include a range of stakeholders from Judiciary, law drafters, and other East African countries.