Cryptocurrencies: a case for proprietary rights in Uganda

Abstract

Numerous debates about the usability and compatibility of cryptocurrencies with current traditional legal frameworks have sparked the question of whether cryptocurrencies are property and whether property rights exist therein. This research explores the history, nature and principles of private property law. It then delves into the technological makeup of cryptocurrencies which informs its functionality in transactions. It is on this premise that the research study analytically deconstructs the above property law principles so as to make a case for existence of property rights in cryptocurrencies, benchmarking on recent trends in other jurisdictions. The research further analyses Uganda’s historical perspective on property law and looks at the legal framework in an attempt to find whether Uganda’s legal regime can accommodate and recognize property rights in cryptocurrencies. In doing so, the research study considers the legality of cryptocurrencies and argues that there were missed opportunities by the Ugandan courts of law which would have made an easier transition into the recognition of property rights in cryptocurrencies. In fortifying the arguments herein, the research considers the constitutional functions of the Central Bank in maintaining a stable economy, which can only be done through recognition of property rights in cryptocurrencies which lays a solid foundation for the regulation of the same.