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.”

Sign up for the Baker McKenize Blockchain blog here