The Reserve Bank of Malawi (RBM) has warned against usage, storage and trading of Cryptocurrencies in the country saying “Cryptocurrencies are not a legal tender in Malawi”. The stated that the only recognised currency in Malawi is the Kwacha (the local FIAT) and no other currency should be seen as a possible replacement.
A local news agency Nyasa Times reported that the statement was published on Monday by the governor of RBM Dr Kalitso Kabambe stating that the Bank is aware of the growing public interest in Cryptocurency in the country and that they have received reports of cryptocurrency trade.
RBM wishes to advice the public that cyptocurrencies are not a legal tender in Malawi. Neither the Central Bank nor any other institution has an oversight over cryptocurrencies in the country he said.
He continued that RBM only has the right to issue currencies in the country ad till date has not issued any crytpocurrency. He then warned against involving in cryptocurrency saying the public should be aware of the risk involved which include money laundering, theft and hacking which can lead to loss of fund.