Crypto Regulation in Burundi
The Bank of The Republic of Burundi issued a statement in which it banned the use of cryptocurrencies in the country. The Statement said, “Since virtual currencies or cryptocurrencies are not regulated and are not issued or guaranteed by any Government or Central Bank, these currencies do not have legal tender in the territory of Burundi.” The measure was justified as a consumer protection measure: “virtual currencies are traded on unregulated online platforms around the world, and their values are highly volatile, resulting in speculative transactions that expose the users of these currencies to potential losses without no possibility of legal recourse in the event of a collapse of their value or in case of closure of these cryptocurrency exchange platform.”
Source: Blockchain
Because cryptocurrencies are not issued by any central authority, digital assets cannot act as “legal tender.” The general public is directed to “exercise caution” and only make financial transactions through “institutions duly authorized by the Central Bank.”
Included in the ban are remittances made in cryptocurrencies. According to the World Bank, personal remittances received in Burundi represented 1.2 percent of the nation’s gross domestic product in 2018.
Source: Coindesk
Because cryptocurrencies are not issued by any central authority, digital assets cannot act as “legal tender.” The general public is directed to “exercise caution” and only make financial transactions through “institutions duly authorized by the Central Bank.”
Included in the ban are remittances made in cryptocurrencies. According to the World Bank, personal remittances received in Burundi represented 1.2 percent of the nation’s gross domestic product in 2018.
Source: Coindesk
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