Bitcoin Declared Illegal by Several African Regions

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Bitcoin Declared Illegal by Several African Regions

The Zambian Central Bank on Bitcoin Declares the Cryptocurrency as “Not Legal Tender”, Warns Consumers to Use at Their Own Risk

Bitcoin has become the number one cryptocurrency to take over the online gambling industry for its many benefits; anonymity, low processing fees and fast transaction rates. Most countries have accepted and promote the new or latest digital currencies except for some countries in Africa. The latest market in the country to regress the cryptocurrency is Zambia. Earlier this month the Central Bank of Zambia declared that Bitcoin is illegal tender since they offer no guarantee in the market if there is failure.

The bank has issued statements warning consumers who trade the digital currencies to transact at their own risk. There is no regulatory authority that oversees said transactions in case there is issues of fraud or theft. The bank said the virtual assets are not a commodity within Zambia’s boundaries.

Chibamba Kanyama, an Economist said,

“The crypto market developed well after the BoZ Act was instituted and there has been no effort on the part of government to revise it. Even if the act was revised, the bank would end up being publicly liable for something that is outside its domain. This means the BoZ is in order to provide this disclaimer and guidance to the Zambian market.”

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