Friday, May 20, 2022
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
Advertisement
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

Firm puts up case for cryptocurrencies

by Dumbani Mzale
24/11/2020
in Business News
3 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Buy Bitcoin Malawi, a local cryptocurrency firm, says digital or virtual currencies commonly known as cryptocurrencies are legal in Malawi and are a crucial investment opportunity.

The firm’s chief executive officer Grey Jabesi, who is based in South Africa, said in a written response that this is contrary to a common perception that cryptocurrencies are illegal and prone to scamming.

Bitcoin Malawi

But the Reserve Bank of Malawi (RBM) maintains that cryptocurrencies—digital assets designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets—are not legal tender in Malawi.

Jabesi said creating a negative narrative around such modern technology will only discourage Malawians from learning and experimenting with cryptocurrencies which “is extremely bad” for both public and private sector.

In Malawi, the use of digital currency remains unrecognised by RBM despite the digital economy taking centre stage in some circles as a medium of exchange or means of payment.

But Jabesi said most forward-thinking countries and organisations, including the International Monetary Fund, are already adopting such technologies to address many socio-economic issues.

He said Buy Bitcoin Malawi acknowledges efforts by RBM to regulate the new technology, but complained that some of the information being generated in the media is confusing.

Said Jabesi: “We are aware that in 2019, the RBM made it clear that cryptocurrencies are ‘not legal tender’ in Malawi and citizens should deal at their own risk.

“This is a general position for most technology-friendly reserve banks in the world. It is important to note that ‘not legal tender’ does not mean ‘illegal’.

“Legal tender is anything recognised by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts and legal fines or damages.”

In an earlier interview, RBM general counsel and bank secretary George Chioza said Malawi is yet to decide on use of the digital currency.

“At the moment, Malawi is really on the border line. We have not said yes or no, but we know there are cryptocurrencies. Take caution when you are dealing in those currencies,” he said.

On his part, Information Technology Association of Malawi president Bram Fudzulani said in an interview that the country needs cryptocurrencies, adding that there is need for heavy consumer awareness and protection before being fully embraced in Malawi.

Previous Post

Tea industry moves to boost output

Next Post

Covid-19 ups rural food prices—survey

Related Posts

Business News

Maldeco initiative bears fruits, boosts fish output

May 20, 2022
Business News

Grain traders rue maize export silence

May 20, 2022
Ntupanyama: Fisheries sector 
is crippled by overfishing
Business News

Ministry hails K124m investment in clean agriculture

May 19, 2022
Next Post

Covid-19 ups rural food prices—survey

Opinions and Columns

Business Unpacked

Fixing economy needs action, not rhetoric

May 19, 2022
Candid Talk

Know your place in his/her life

May 15, 2022
People’s Tribunal

Why can’t we start with implementing the reforms?

May 15, 2022
Big Man Wamkulu

My wife is a WhatsApp addict

May 15, 2022

Trending Stories

  • CAF accepts FAM’s request on Flames fixture shift

    0 shares
    Share 0 Tweet 0
  • Onesimus leaves Major One Records

    0 shares
    Share 0 Tweet 0
  • MCTU pushes for 75% minimum wage hikeof

    0 shares
    Share 0 Tweet 0
  • Road traffic spot fines on way out

    0 shares
    Share 0 Tweet 0
  • Mayors may face ballots

    0 shares
    Share 0 Tweet 0

Malawi-Music.com Top10

  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2022 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.