Bitcoin and Other Cryptocurrency Trading Now Declared Illegal in Burundi

Alo Kingsley   Sep 06, 2019 01:00

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Burundi, a country in the Middle Eastern part of Africa has joined the list of African countries that have banned Bitcoin, cryptocurrencies and any form of digital trading.


In a report by Bloomberg, it stated that Burundi had banned Bitcoin and every other form of digital trading from its soil because it can no longer offer protection to persons with problems related to it. This was said to have happened when some Burundian lbs had lost some funds as they traded some digital currencies and ask the government to come to the rescue.


A director at the central bank’s micro-finance department, Alfred Nyobewumusi had said that digital currencies such as Bitcoin and Ethereum are now illegal in the country. He said:

“Strong measures could be taken against all those who will not respect this decision,” 

This statement was made in an interview in Bujumbura, the economic capital of Burundi.


What some other parts of the world think

Meanwhile, Bank of England Governor Mark Carney had made a proposal last month to put in place a digital currency that would be at the heart of the global monetary system which would be overseen by public authorities.


Bitcoin, which happens to be the most-traded virtual currency, has risen by 186% this year amidst its massive price fluctuations. Cryptocurrencies have also been seen to have been criticized by the central authorities of some countries in recent times including that of the United States of America; notwithstanding the digital currency seems to thrive eve as some countries opt for the implementation of the underlying technology in various sectors of their economy, trading at about $10,520.94 as September 4, according to data compiled by Bloomberg.

Image via Shutterstock

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