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Burundi Bans Cryptocurrency Trading Operations

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The government of Burundi, country located in the central region of Africa, has decided to ban the trade of digital currencies within its territory, due to the lack of protection for the user.

This measure was taken shortly after some citizens lost money while handling cryptocurrencies and urged the government to take action, which led to the prohibition of crypto trading at that time.

According to statements by Alfred Nyobewumusi, director of the central bank’s microfinance department, digital currencies like Bitcoin and Ethereum are now illegal in Burundi. Also, he noted that strong measures can be taken against those who do not comply with this decision.

Troubled Relations With Cryptocurrencies in Africa
That has not been the only reaction against the use of cryptocurrencies in the African continent. In June, the Deputy Governor of the Bank of Uganda, Louis Kasekende, warned about the limited protection that users have when investing in unregulated cryptocurrencies, because the central bank’s supervision does not cover digital currency exchange services.

Also, the governor of the Reserve Bank of Malawi (RBM), Dalitso Kabembe, said that cryptocurrencies were not legal tender in the country, and the government will not recognize investments made with them. He also said that digital currencies don’t represent a substitute for kwacha, Malawi’s official currency.

Source Link: https://cointelegraph.com/news/burundi-bans-cryptocurrency-trading-due-to-lack-of-user-protection

About the author

Jhon Fernando Maldonado

Jhon Fernando Maldonado

Internet marketing and cripto currency journalist / writer. He has a degree in Linguistics from Universidad de Los Andes, in Venezuela. Passionate about digital marketing, with knowledge in topics related to technology and web positioning.

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