On May 27, the Central Bank of Malawi made an announcement about crypto trading. A local media covered the official announcement. The firm warned the people about the potential hazards of the digital currency. The cryptocurrency does not have a legal tender and moreover, they cannot replace the Malawi kwacha(the fiat currency of Malawi).

An official of The Reserve Bank of Malawi(RBM) said that the Government will not consider any kind of transaction in the digital currency. Also, the bank will take no responsibility for an individuals’ transaction in crypto trading. The official also made it clear that the Malawi Government has no role in any crypto trading and regulations.

Apart from all this RBM Governer Dalitso Kabambe warned about the implications regarding the crypto trading. He also stressed that no crypto exchange has been registered until now in the country and its possible consequences. RBM’s official statement has caught the interest of Malawi citizens. Though the bank has made this statement, it may also reconsider the usage of cryptocurrency if needed, implies the Governer.