Open Letter: Burundi Apex Bank Sends Strong Reminder On Crypto Transactions


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The Bank of the Republic of Burundi has reminded its general public that no entity or financial institution is currently authorized to offer remittance or other payment services using a virtual currency such as Bitcoin, Ether , Litecoin, Dogecion, Onecoin, BTC, Coin Coin Fahari, Ello Cash Coin and other similar products.

The Statement reads;

“The Bank of the Republic of Burundi has been alerted to the existence of investment activity and commercialization of virtual currencies also called crypto currencies namely Bitcoin, Ether, Litecoin, Dogecion, Onecoin, BTC, Fahari Coin Cash, Ello Cash Coin and other similar products, which are means of payment not regulated by any Monetary Authority.

“Indeed, these 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.’The Bank of the Republic of Burundi has been alerted to the existence of investment activity and commercialization of virtual currencies also called crypto currencies namely Bitcoin, Ether, Litecoin, Dogecion, Onecoin, BTC, Fahari Coin Cash, Ello Cash Coin and other similar products, which are means of payment not regulated by any Monetary Authority.

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.

In his regard, the Bank of the Republic of Burundi reminds the general public that no entity or financial institution is currently authorized to offer remittance or other payment services using a virtual currency such as Bitcoin, Ether , Litecoin, Dogecion, Onecoin, BTC, Coin Coin Fahari, Ello Cash Coin and other similar products. The public is advised to exercise caution and ensure that their investments or any other financial transaction is made by credible depository financial institutions duly authorized by the Central Bank. Lists of approved financial institutions (credit institutions, microfinance institutions,www.brb.bi .”

 

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