Central African country, Burundi is having none of the crypto craze and has moved to ban all forms of cryptocurrency trading according to a Sept 4 report by Bloomberg.
Authorities in the country reportedly decided on the move following complaints from citizens who allegedly lost money from trading cryptocurrencies. Notably, it was these victims that called on the Burundian government to intervene on their behalf according to Alfred Nyobewumusi, a top official at the central bank’s microfinance department.
He also specifically mentioned that cryptocurrencies such as Bitcoin and Ethereum are illegal in the country while authorities could take strong measures “against all those who will not respect this decision [to ban cryptocurrencies].”
Crypto in Africa
At this point, it is important to note that the path which Burundi has decided to take regarding the emergence of cryptocurrencies does not represent the stance of other countries across the continent.
For instance, although Malawi has warned citizens regarding the risks involved in crypto investments, the country did not ban it outrightly but urged interested investors to proceed with caution.
Other countries such as Ghana and South Africa have revealed intentions to regulate the emerging industry, with the latter even pursing the possible creation of a central bank-backed digital currency (CBDC).
Conversely, authorities Uganda recently warned citizens against using crypto platforms, because the country does not regulate such firms and also cannot reimburse users if they lose their investments.