Crypto is Not a Legal Tender, Reserve Bank of Malawi in Africa announced

In Africa, the Reserve Bank of Malawi (RBM) has announced that crypto is not a legal tender in Malawi reported on 27 May 2019.

Bank warned the people about investing and trading in bitcoin and other cryptocurrencies as the government does not recognize the cryptocurrency as legal tender.

The Reserve Bank of Malawi advised the people that cryptocurrency is not a legal tender in the country so they should avoid their uses as means of payment, a medium of exchange and invested assets online.

The governor of RBM told people about the risks involves in cryptocurrency trading and investments such as security breaches, money laundering, hacks, and other fraudulent activities that may lead to a big loss of investors.

On the other hand, the bank is aware of the growing potential of the blockchain industry and they also wanted to use that technology, but the cryptocurrencies are high-risk investments, that’s why the banks warned the people to stay away from it.

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