Egypt’s Central Bank Issues Crypto Warning — Violators Risk Imprisonment
The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.” Crypto Warning Issued by Egypt’s Central Bank The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt....
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The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies.
Violators Face Possible Prison Time
The Ghanaian central bank has reminded the public that the practice of receiving or making payments for goods and services in foreign currency without its express authorization is still prohibited. The bank also similarly warned....
The central bank of France - aptly named Bank of France - has issued a warning to the general public about the risks of getting involved with digital currency bitcoin. The bank has said that "even if bitcoin is not currently a credible investment vehicle and therefore do not pose a significant risk to financial stability, they represent a financial risk for those who hold them". In other words, you may lose all your money. Thankfully, the Bank of France (and the French government) haven't imposed any sort of regulation or bans (we're looking at you, China). It seems as if this is more of....
The Bank of Lebanon, the country's central bank, has issued a bitcoin warning, the first such warning in the region. The warning was issued on 19th December 2013 and outlines a number of risks associated with digital currencies, many of which we are all too familiar with. The Bank warns of several risks: Transactions made through unregulated networks cannot be guaranteed and losses cannot be recovered. Unauthorized and incorrect transactions using digital currencies are irreversible. The highly speculative nature of digital currencies and the fact that they are not guaranteed by any....
The Dutch central bank (DNB) has issued a warning on bitcoin aimed at banks and other financial institutions in the country. Unlike most warnings issued by regulators and central banks across the globe, the Dutch warning does not address end-users of digital currency. Instead, the central bank clearly states that banks and payment institutions should be aware of integrity risks derived from processing transactions related to digital currencies. Anonymity bad for business? The warning (dated 5th June 2014) points out that digital currencies offer a high degree of anonymity so financial....
Sri Lanka’s central bank issued a warning regarding the use of cryptocurrencies amid a devastating economic and political crisis. The central bank stressed that it “has not given any license or authorization to any entity or company to operate schemes” involving cryptocurrencies. Sri Lanka’s Central Bank Issues Notice About Cryptocurrency The Central Bank of Sri Lanka (CBSL) published a notice about cryptocurrency Tuesday titled “Public Awareness in Relation to the Use of Virtual Currencies in Sri Lanka.” The notice cites “recent development....