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Bitcoin trading in malawiBitcoin Trading Popularity Triggers Malawi Warning Against Cryptocurrency
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Cons Bank transfers can take 1 to 5 days to complete Above-average fees. Pros A large number of cryptocurrency pairs Strong security Privacy. According to local media , Dr. He said his institution received a growing number of inquiries about cryptos from the public and other interested parties. The governor also noted that activities involving cryptocurrency trading are on the rise in the Southern African country.
The governor noted that cryptoassets are being used to carry out the functions of money or investing online. He made it clear that cryptocurrencies are not recognized by the central bank. Reserve of Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi. The RBM is however aware that they are used as a means of payment or medium exchange, a store of value or invested assets online.
Kabambe pointed out that the central bank nor any other local public institution has no regulatory oversight over cryptocurrencies or activities related to them. Cryptocurrencies, underpinned by blockchain technology, were designed to work without any central authority.
Cryptocurrencies such as bitcoin are decentralized and allow anyone to participate in the creation of new coins and maintaining the network through a process known as mining. He warned current and potential cryptocurrency users to be vigilant against crypto firms, entrepreneurs, educators, and advisors because of their questionable credibility. There are no legally registered cryptocurrency exchanges in Malawi.
The governor noted that the blockchain is a versatile technology with far more beneficial use cases that go beyond cryptocurrencies.