CBSI warns public against bitcoin - Solomon Star News

CBSI warns public against bitcoin

01 November 2019
Digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin. [Photo: Chesnot | Getty Images]

THE Central Bank of Solomon Islands (CBSI) has warned the public that cryptocurrencies (i.e. virtual or digital currencies such as bitcoin, etherium, ripple, and others) are not currencies issued or regulated by the Central Bank.

In a statement, Thursday, CBSI said these cryptocurrencies do not have any legal tender status to be accepted as a currency in Solomon Islands. 

“CBSI hereby warns the public that investment in such digital currencies is considered very risky and speculative in nature.

“People who invest in any of the cryptocurrencies do so at their own risk.

There is no guarantee that cryptocurrencies will be accepted as a medium of exchange, or will hold their value,” the statement said.

The Central Bank does not currently endorse unregulated cryptocurrencies, and therefore, does not encourage anyone to invest in any digital cryptocurrencies, the statement concluded.