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Malawi debates Cryptocurrency

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The Reserve Bank of Malawi (RBM) is, next week, set to convene a conference to discuss crypocurrency revolution in the country.

Kabambe: We will also discuss risks and opportunities presented by cryptocurrency innovations Kabambe: We will also discuss risks and opportunities presented by cryptocurrency innovations

RBM Governor, Dalitso Kabambe, said on Thursday, “the conference will provide a platform for stakeholders to discuss the evolution of financial technology with a focus on blockchain, cryptocurrencies, central bank digital currency and the likely implications on monetary and financial stability.”


With Finance Minister Joseph Mwanamvekha as a key note speaker, Kabambe further added that “the conference will also discuss risks and opportunities presented by these innovations.”


“The conference is also aimed at assessing the existence of cryptocrancies in Malawi. Further, the conference seeks to assess the plausibility of adopting a central bank digital currency, having gained insight from experiences of financial technologies from counterparts within the SADC region,” said Kabambe.


Apart from Mwanamvekha, other presenters include Head of South African Reserve Bank, Tim Masela, and Vice President for Locus Chain of Singapore Youngbae Moon.


A cryptocurrency is a digital asset 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.


To date, many cryptocurrencies are not backed by governments. This has led to several jurisdictions issuing different types of notices on crycurrencies, and Malawi has not been spared in this cryptocurrency revolution.


The conference will be held on Tuesday, November 19 at Sunbird Nkopola in Mangochi, under theme ‘Crypocurrencies and Monetary Policy in Malawi’.

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