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Authorities flag ‘get-rich-quick’ scheme

Publish date: 20 January 2020
Issue Number: 856
Diary: IBA Legalbrief Africa
Category: Burundi

At least 17 people have been arrested in Bujumbura over a Ponzi scheme. Crowd1 made headlines in Burundi recently when it launched a scheme which offered participants dividends for recruiting new investors. Government spokesperson Pierre Nkurikiye said a probe into the company was under way. A report on the IoL site notes that he expressed concern that the public was attracted to schemes which made false ‘get-rich-quick’ promises. The central bank has also issued a warning that the activities of companies trading in virtual currencies such as Bitcoin are illegal. ‘Since virtual currencies ... are not regulated and are not issued or guaranteed by any government or central bank, these currencies have no legal tender in the territory of Burundi,’ it said in a statement.

Full report on the IoL site