The Central Bank Of Malawi Warns: Crypto Is Not A Legal Tender

The central Bank of Malawi issued warnings on May 27 that crypto is not a legal tender in the country and that it is against all of the crypto-related activities as the latest cryptocurrency news reported.

According to the Nyasa Times reports, the central bank of Malawi (RBM) stated previously that cryptocurrencies cannot be considered as legal in the country and that they do not represent a substitute to the Malawi Kwacha (MWK) which is the local fiat currency of the southeast African country.

The RBM also issued multiple warnings to its citizens that the government is not planning to recognize the investments made in cryptocurrency such as Bitcoin according to the governor of the central bank Dalitso Kabambe made on Monday. The official also noted that the bank has advised the public that every crypto-related activity including using, trading or purchasing cryptocurrencies are posing a risk to every individual. Kabambe made clear that there is no institution in the government that watches closely over the trading activities nor there is an entity in the government that regulates the parties involved in the industry.

As per the coming altcoin news, the governor stressed the major risks that can come up with crypto investments such as money laundering and security breaches. He also noted there are plenty of hackings in the crypto industry and a lot of fraudulent activities. Kabambe pointed out that there is no crypto exchange ever registered in the country which is also another risk factor for locals who wish to invest in crypto.
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According to the report, the central bank of Malawi issued an official report that followed a massive interest from the country’s residents on the issue including the previously made crypto-related enquiries to the bank. On the other hand, Kabambe noted that the RBM is aware of the potential of the blockchain technology and that he does see particular use cases in a number of industries. He added that the bank will continue to track the global development wave regarding technology.

Also, earlier this year, the South African Reserve Bank released a paper consulting that the local government never planned to ban cryptocurrency nor crypto trading at that time.