05/09/19 07:00 UTC-4

Minus one: The authorities of Burundi have banned cryptocurrencies. They threaten with "tough measures"

CryptocurrencyCentral Bank of Burundi threatens with
Central Bank of Burundi threatens with "tough measures" for using crypto

The central bank of Burundi, a country in Africa, has banned citizens and businesses from tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
and using cryptocurrencies. Those who disobey are frightened by "tough measures."

 

Burundi Central Bank sent cryptocurrencies to the ban

The Central Bank explains its decision by the need to protect citizens from possible losses and fraudsters.

According to the regulator, "virtual currencies" are traded on unregulated platforms, and their rate is subject to strong fluctuations. This can lead to "potential losses" without the ability to assert one’s rights "in the event of a price collapse or exchange closure".

Interesting in the section: Financial geography. Cryptocurrencies on the African continent

  • A director at the central bank’s micro-finance department Alfred Nyobewumusi told Bloomberg, what the regulator made such a decision after citizens began to complain about losses from crypto-trading. Therefore, the Central Bank decided to prohibit the trading of cryptocurrencies, as well as coins in the country in general.
  • According to him, those who disobey, expect "tough measures"

 

Editor: Jerg Wos

See also: "IMF head Lagarde urged central banks not to exert pressure on cryptocurrencies"

#Cryptocurrency #Ban #Burundi #Regulation #Cryptotrading

Comments

Similar

23/08/19 22:00 UTC-4

Out: Libra founders are preparing an "escape" from the project

​The Libra Association (the organization that should develop Facebook’s cryptocurrency) has 28 members. They include such giants as Visa and Uber. Now at least 3 members are trying to get out of the project because of criticism from regulators.