Burundi, a country in East-Central Africa, has officially banned its citizens from any cryptocurrency trading. The aim is to protect the citizens from any potential crypto risks.

All the cryptocurrencies are now illegal in the country. Also, the ban includes the remittances made in cryptocurrencies. The citizens not abiding by the new law will face strong measures from the legal authorities of the country. Some Burundians lost funds during the trading of crypto and wanted the government to step in. Also, the government can’t provide crypto users protection from any kind of trouble. As the central authority doesn’t issue a cryptocurrencies, it cannot act as a “legal tender.”

The Central Bank has warned the general public directs against the hazards of crypto. It has also asked the citizens to make financial transactions through institutions duly authorized by the Central Bank. The Bank is yet to make any statement regarding the number of people who have lost money in cryptocurrencies.

This type of news is not a new thing in the cryptocurrency space. Many countries have shown a red flag to cryptocurrencies, thanks to all the scams and frauds associated with. In May, the Central Bank of Malawi had warned the people about the potential hazards of the digital currency. In the same month, the Central bank of Laos had banned the use of cryptocurrencies in the country. Russian Government has also almost imposed a ban on the use of crypto in the country. Last but not least is India where the crypto drama intensifies every day.

Regardless of whatever happens around the world, Burundi is expected to emulate their African counterparts and embrace the crypto revolution as per the source.