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Burundi makes it illegal to trade cryptocurrencies

Thu, 05 Sep 2019, 05:56 am UTC

Burundi has declared cryptocurrencies such as bitcoin and ethereum as illegal in the country, Bloomberg reported.

The announcement was made by Alfred Nyobewumusi, a director at the Bank of the Republic of Burundi’s (BRB) micro-finance department, who said that some citizens lost money while trading cryptocurrencies and had asked the government to intervene.

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

In an official statement, the BRB noted that cryptocurrencies are traded on unregulated online platforms and their values are highly volatile, exposing crypto users to potential losses without the possibility of legal recourse in the event of a collapse of the coin’s value or in case of closure of cryptocurrency exchange platforms.

“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,” it said, adding that no entity or financial institution is currently authorized to offer remittance or other payment services using a virtual currency in the country.

Meanwhile, the Supreme Court of India has ordered the Reserve Bank of India (RBI) to respond to the complaints related to the crypto banking ban that went into force in July 2018 within two weeks. The apex court has divided the crypto case into two – the banning of cryptocurrencies in the country, which has been adjourned until January 2020, and the ongoing ‘Internet and Mobile Association of India (IAMAI) versus RBI’ which started last month.

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  • alextechlead
  • 2019.09.10 06:20:39
According to a statement released on Aug. 21, Bitsane did not use individual crypto wallets; instead, crypto-assets were pooled or co-mingled in coin wallets. Being a centralized exchange, users’ trade took place in the internal ledger of the exchange without confirmation on the blockchain.

“We are working to reconcile the accounts of over 900,000 customers, many holding multiple crypto-assets, millions of transactions and over 400 different crypto-assets. These must be reconciled one-by-one,”

Meaning they can’t figure out what assets belong to who and how to refund, for most my clients that required my help when trying to recover their finances from bitsane this was the case. We had to go through a lot to make sure all assets where verified to belong to my clients and refunded.

Alex TechLead
Guaranteed Financial recovery services, we will recover what you lost.
[email protected]
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