Bank of Botswana warns citizens about risks on crypto assets

Source: Xinhua| 2021-11-16 01:17:53|Editor: huaxia
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GABORONE, Nov. 15 (Xinhua) -- The Bank of Botswana (BoB) on Monday warned the citizens and residents of the southern African country to be cautious and diligent when dealing with Bitcoin traders.

There is no specific legal or regulatory framework pertaining to or proscribing investment in crypto assets, such as Bitcoin in Botswana, according to a statement released by Botswana's central bank.

"Therefore, trading in Bitcoin or similar decentralized technologies, also known as crypto currency, is akin to investment in any other intangible assets with attendant risks, inherent in such investments, such as complete loss of value or possible abuse of the technologies to the detriment of investors," the BoB said.

The BoB said these activities put the investor's funds at risk, premised on the trust and full knowledge of the nature and scale of the risks associated with these forms or types of businesses.

The southern African country's central bank stated that it is advisable and considered prudent for those intending to participate in the activity to undertake due diligence on the registration and legality of the business, as well as the nature of the business activity. Enditem

KEY WORDS: Botswana,Business,Crypto assets