Bitcoin Trading Popularity Spooks Malawi Central Bank Warning Against Cryptocurrency
By CCN: The governor Reserve Bank of Malawi (RBM) has warned that cryptocurrencies are not legal tender and should not be used in place of the legal fiat currency, the Malawi Kwacha.
According to local media, Dr. Dalitso Kabambe released a statement in which he revealed that the central bank has observed the public’s interest in cryptocurrencies has increased. He said his institution received a growing number of inquiries about cryptos from the public and other interested parties.
The governor also noted that activities involving cryptocurrency trading are on the rise in the Southern African country.
Cryptocurrency isn’t legal tender, says RBM governor
The governor noted that cryptoassets are being used to carry out the functions of money or investing online. He made it clear that cryptocurrencies are not recognized by the central bank.
Reserve of Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi. The RBM is however aware that they are used as a means of payment or medium exchange, a store of value or invested assets online.
Kabambe pointed out that the central bank nor any other local public institution has no regulatory oversight over cryptocurrencies or activities related to them.
