BoZ warns against cryptocurrencies

BOZ building.

THE Bank of Zambia (BoZ) has called on members of the public to be wary of risks associated with transacting in cryptocurrencies.
Cryptocurrencies, which are decentralised digital currencies with the most common being Bitcoin, have taken the global market by ‘storm’ and Zambia has not been spared.
BoZ said in a statement yesterday that the currency, which is not regulated by any central bank, can fuel money laundering, financing activities of terrorism and general consumer protection risks such as fraud and hacking.
“The general public should, therefore, fully understand and be aware of the risks associated with the use of cryptocurrencies.

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