Autoriti Monetari Brunei Darussalam, AMBD, reminds the public that cryptocurrencies are not legal tender in Brunei Darussalam and are not regulated by AMBD. Members of the public are reminded to be vigilant and to exercise extreme caution when dealing with cryptocurrencies which are privately issued.
Cryptocurrency, such as Bitcoin, Bitcoin Cash and Ether, is a form of digital currency which operates independently from monetary authorities or central banks. Cryptocurrency transactions are anonymous and are often traded on platforms of unknown jurisdictions in which the authenticity of its operators are difficult to verify. Cryptocurrency is also susceptible to being misused as intermediary for illegal activities. It is also highly susceptible to cybersecurity risks as evidenced by several high profile thefts involving the hacking of organisations in the cryptocurrency network. Criminals have also defrauded consumers by posing as well-known cryptocurrency websites and services.
The AMBD reminds the public to be careful when participating in any investment plans or financial transactions. The public is advised not to be easily enticed by any investment or financial activity advertisements, and to conduct due diligence and understand the financial products properly before participating.
Source: Radio Television Brunei