The Central Bank of Botswana (Bank of Botswana) has put out a press release acknowledging receipt and subsequent responses to public and media enquiries on the subject of crypto assets, specifically on:
- Legality of crypto assets in Botswana
- Acceptance of crypto assets by the authorities
- The existence of any regulatory framework for the licensing, control, and protection of investors / consumers on crypto assets
In a statement, the Bank of Botswana has put out a 5-point statement to address the growing interest and queries around crypto assets investments.
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The bank makes the following observations:
- There is no specific legal or regulatory framework pertaining to crypto assets such as bitcoin
- It is advisable and prudent that those intending to participate in crypto assets activity to undertake due dligence
- There is generla concern that the undelying activity may relate to pyramid scheme and scams
- The reference to crypto assets as currencies is a misnomer because they do not exhibit key fundamentals of money
- There is no recourse to the bank for redress pertaining to fraud, misconduct or financial loss related to crypto assets
The Bank of Botswana, however, acknowledges the potential for pervasive and significant effect of the crypto assets business on its functions and mandates, and in general, the broader financial asector of Botswana.
As a result, the bank says there is continuous monitoring of developments by both the Bank and the Financial Stability Council for the necessary response as may be warranted.
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Read / Download the statement here.
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RECOMMENDED READING: [WATCH] The President of Tanzania Urges the Central Bank of Tanzania to Prepare and Start Looking into Cryptocurrencies
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