Malawi
Retail_Trading_Status
Status Changed
Previous status: Gray-Zone
Reconciled from live analysis after human review confirmed status as Allowed-Unregulated. The live analysis, used as the source of truth, clearly establishes that retail trading is not illegal and operates in an unregulated space. New factual information from the latest analysis regarding the Exchange Control Act and banking restrictions was incorporated as it describes the operational environment but does not change the fundamental legal status of individual trading from 'allowed' to 'gray-zone'. The 'Gray-Zone' classification in the latest analysis was an AI error, overemphasizing restrictive measures while the underlying activity remains permitted.
- Analysis ID
- #856
- Version
- Latest
- Created
- 2025-12-13 07:12
- Run
- 614801f5...
- History
- View all versions
- Workflow Stage
- Reconciled
Executive Summary
In Malawi, cryptocurrencies are not recognized as legal tender by the Reserve Bank of Malawi (RBM), but their use and trading are not explicitly illegal. The RBM has issued warnings about the risks associated with cryptocurrencies, including money laundering and cybercrime, and clarifies that it does not regulate these activities. Cryptocurrency exchanges operate without specific registration or regulation from the RBM. The RBM enforces a de facto banking restriction by refusing to approve foreign investment in cryptocurrencies under Exchange Control regulations, cutting off formal banking channels. The Financial Intelligence Authority (FIA) is aware of money laundering and terrorist financing risks and is training investigators, indicating a potential move towards future regulation.
Key Pillars
The primary regulator is the Reserve Bank of Malawi (RBM), which does not recognize cryptocurrencies as legal tender and does not currently regulate cryptocurrency activities. There are no specific KYC/AML requirements imposed on cryptocurrency platforms by the RBM. Cryptocurrency exchanges are not required to be licensed or registered with the RBM. The RBM uses the Exchange Control Act to restrict banks from facilitating foreign currency flows for crypto investments.
Landmark Laws
RBM Statement on Cryptocurrencies (Press Release) - Enacted: 2019-05-27: Official statement declaring cryptocurrencies are not legal tender, warning the public of risks, and stating the RBM will not approve foreign investment in crypto assets.
Exchange Control Act (Cap. 44:01) - Enacted: 1984-01-01: Governs all foreign currency transactions; used by RBM to block authorized dealers from facilitating crypto-related capital outflows.
Considerations
Cryptocurrencies are not recognized as legal tender in Malawi. The RBM has warned about the risks associated with cryptocurrency trading, including money laundering, cybercrimes, hacking, and other fraudulent activities. Individuals engaging in cryptocurrency trading do so at their own risk due to the absence of a formal regulatory and consumer protection framework. The RBM explicitly states it will not approve foreign investment in cryptocurrencies, making it difficult to fund international exchange accounts via bank transfer. There are no registered domestic cryptocurrency exchanges. The Financial Intelligence Authority (FIA) of Malawi acknowledges money laundering and terrorist financing risks associated with cryptocurrencies.
Notes
As of 2022, Malawi did not have adequate legal frameworks to regulate cryptocurrencies. Some sources from early 2024 and late 2023 suggested Malawi was making strides in establishing a regulatory regime, but more recent pronouncements from the Reserve Bank of Malawi continue to emphasize the lack of regulation. The Financial Intelligence Authority (FIA) of Malawi conducted training on virtual currency investigations in May 2022. The RBM Governor, Dr. Dalitso Kabambe, issued warnings against cryptocurrencies in May 2019 and June 2024. Recent Exchange Control updates in 2025 do not explicitly cover crypto, reinforcing the lack of a new framework. The RBM's stance is largely driven by a need to protect the country's limited foreign exchange reserves.
Remaining Uncertainties
- Whether the RBM will introduce specific VASP regulations in the near future to comply with FATF standards.
- The extent of enforcement against P2P traders using mobile money agents.
- Clarification on whether the 'illegal' rhetoric would ever be tested in court against an individual holder.
Detailed Explanation
Detailed Explanation
In Malawi, cryptocurrencies are allowed but unregulated, meaning their use and trading are not explicitly illegal but operate without formal oversight or consumer protection. The Reserve Bank of Malawi (RBM) is the primary financial authority and has clearly stated that cryptocurrencies are not recognized as legal tender. The RBM has issued warnings to the public, notably in a press release on May 27, 2019, about the risks associated with cryptocurrencies, including money laundering, cybercrime, hacking, and fraud. It explicitly states that it does not regulate cryptocurrency activities and that individuals engage in trading at their own risk. The RBM leverages the existing Exchange Control Act (Cap. 44:01), enacted on January 1, 1984, to enforce a significant restriction: it refuses to approve any foreign investment in cryptocurrencies under these regulations. This de facto banking restriction blocks authorized dealers (banks) from facilitating foreign currency flows for crypto investments, cutting off formal banking channels for funding international exchange accounts. The Financial Intelligence Authority (FIA) is another relevant body that acknowledges the money laundering and terrorist financing risks posed by virtual assets and has conducted training for investigators, as noted in May 2022, indicating a potential move towards future oversight. There are no domestic cryptocurrency exchanges registered with the RBM, and the authority imposes no specific licensing, registration, or KYC/AML requirements on crypto platforms. Recent statements from the RBM Governor in June 2024 and updates to Exchange Control regulations in 2025, which did not explicitly cover crypto, reinforce that the regulatory stance remains driven by a need to protect foreign exchange reserves and that an adequate legal framework is still absent.
Summary Points
I. Regulatory Status
* Cryptocurrencies are Allowed-Unregulated.
* They are not recognized as legal tender by the Reserve Bank of Malawi (RBM).
* Use and trading are not explicitly illegal but operate without a formal regulatory or consumer protection framework.
II. Key Regulatory Bodies
* Reserve Bank of Malawi (RBM): The primary financial regulator; does not regulate crypto activities but issues public warnings and uses exchange control powers to restrict banking channels.
* Financial Intelligence Authority (FIA): Acknowledges money laundering and terrorist financing risks; has conducted training on virtual currency investigations.
III. Important Legislation
* RBM Statement on Cryptocurrencies (Press Release), Enacted: 2019-05-27: The official statement declaring cryptocurrencies are not legal tender, warning the public of risks, and stating the RBM will not approve foreign investment in crypto assets.
* Exchange Control Act (Cap. 44:01), Enacted: 1984-01-01: Governs all foreign currency transactions; used by the RBM to block authorized dealers (banks) from facilitating crypto-related capital outflows.
IV. Compliance Requirements
* There are no specific KYC/AML requirements imposed on cryptocurrency platforms by the RBM.
* Cryptocurrency exchanges are not required to be licensed or registered with the RBM.
V. Notable Restrictions or Limitations
* The RBM enforces a de facto banking restriction by refusing to approve foreign investment in cryptocurrencies under Exchange Control regulations, making it difficult to fund international exchange accounts via bank transfer.
* There are no registered domestic cryptocurrency exchanges.
* Individuals trade at their own risk due to the absence of regulatory oversight.
VI. Recent Developments or Notes
* As of 2022, Malawi lacked adequate legal frameworks to regulate cryptocurrencies.
* The FIA conducted training on virtual currency investigations in May 2022.
* The RBM Governor issued warnings against cryptocurrencies in May 2019 and again in June 2024.
* Recent Exchange Control updates in 2025 did not explicitly cover crypto, reinforcing the lack of a new regulatory framework.
* The RBM's stance is largely driven by a need to protect the country's limited foreign exchange reserves.
Full Analysis Report
Full Analysis Report
Retail Cryptocurrency Trading Status: Malawi
Report Date: 2025-06-26
Topic: Retail_Trading_Status
Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).
1. Current Status:
Allowed-Unregulated
2. Detailed Narrative Explanation:
The Reserve Bank of Malawi (RBM), the country's central bank, has consistently stated that cryptocurrencies are not legal tender in Malawi. This means that cryptocurrencies are not officially recognized as a currency by the Malawian government and cannot be used as a substitute for the Malawian Kwacha. The RBM has issued warnings to the public regarding the risks associated with cryptocurrency trading, including money laundering, vulnerability to cybercrimes, hacking, and other fraudulent activities. The central bank has also clarified that it does not oversee or regulate cryptocurrency activities, and there are no specific consumer protection laws in place for cryptocurrency transactions.
A significant practical restriction is the RBM's application of the Exchange Control Act. The RBM has stated it 'will not approve nor recognise any inbound or outbound foreign investment in cryptocurrencies,' effectively prohibiting authorized dealer banks from processing transfers to international crypto exchanges. This creates a de facto banking ban, forcing traders to rely on Peer-to-Peer (P2P) markets or informal channels.
Despite these warnings, the lack of legal tender status, and the banking restrictions, the use and trading of cryptocurrencies by individuals in Malawi are not explicitly illegal. Malawians can legally buy, sell, and trade cryptocurrencies through exchanges and P2P networks, although these activities are not registered or regulated by the RBM. This places the activity in an 'Allowed-Unregulated' category, meaning while not prohibited, it operates without a specific crypto-focused regulatory framework and outside the formal banking system. General commercial or financial laws might apply, but the activity itself isn't specifically governed by cryptocurrency regulations.
The RBM has acknowledged the growing public interest in cryptocurrencies and is aware that they are being used as a means of payment, a store of value, or as investment assets online. There have been discussions and considerations within Malawi about the legal status and potential regulation of cryptocurrencies. A 2022 research paper indicated that Malawi did not have adequate legal frameworks to regulate the use of cryptocurrencies at that time, though it possessed some ICT infrastructure that could support such services, primarily in urban areas.
The Financial Intelligence Authority (FIA) of Malawi has acknowledged the money laundering and terrorist financing risks associated with new payment methods like cryptocurrencies and has engaged in efforts to train investigators and prosecutors on virtual currency investigations. This indicates an awareness of the need for oversight, even if specific regulations for retail trading are not yet in place.
While some sources from early 2024 and late 2023 suggest Malawi was making significant strides in establishing a comprehensive regulatory regime for cryptocurrency exchanges and digital asset service providers, more direct and recent pronouncements from the Reserve Bank of Malawi continue to emphasize the lack of regulation and the risks involved. Therefore, individuals engaging in cryptocurrency trading in Malawi do so at their own risk due to the absence of a formal regulatory and consumer protection framework and the exclusion from the formal banking sector.
3. Specific, Relevant Text Excerpts:
- RBM Statement on Cryptocurrencies (Press Release, May 27, 2019): 'Reserve Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi... RBM will not approve nor recognise any inbound or outbound foreign investment in cryptocurrencies.'
- UEEx Technology (citing information up to April 29, 2025): 'Yes, cryptocurrency exchanges are legal in Malawi. However, it's important to understand the context and regulatory environment surrounding their use. The Reserve Bank of Malawi (RBM) has clarified that while cryptocurrencies like Bitcoin are not recognized as legal tender, the use and trading of these digital assets are not illegal. This means you can legally buy, sell, and trade cryptocurrencies through exchanges operating within the country. However, the RBM does not regulate or oversee cryptocurrency activities. This lack of regulation implies that there are no consumer protections in place for cryptocurrency transactions.'
- UPay Blog (December 10, 2024): 'The Reserve Bank of Malawi (RBM) has made it clear that cryptocurrencies, such as Bitcoin, Litecoin, and Ripple, are not recognized as legal tender in the country. The central bank has also advised against using digital currencies as a replacement for the Malawian kwacha.'
- UPay Blog (December 10, 2024): 'Additionally, Malawi does not have any legally registered cryptocurrency exchanges, making trading activities largely unregulated.'
- CCN.com (quoting RBM Governor Dr. Dalitso Kabambe, June 14, 2024): 'Reserve of Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi. The RBM is however aware that they are used as a means of payment or medium exchange, a store of value or invested assets online.'
- CoinGeek (May 28, 2019): 'According to local news, the central bank has deemed cryptocurrencies illegal tenders in the country... First, the government does not have an institution that regulates or oversees crypto trading, and as such, all investments are purely at the owner's risk. Secondly, crypto exchanges operating in the region are not registered with the authorities.' (Note: While this source uses 'illegal tenders,' the broader context from multiple sources clarifies they are not legal tender but trading itself is not banned).
- ResearchGate (Makoza, F. G., August 2022): 'However, the country did not have adequate legal frameworks to regulate use of cryptocurrencies.'
- Financial Intelligence Authority, Malawi (News Detail, related to a workshop on May 17, 2022): 'Chipeta noted that while there are advantages of new payment methods such as through cryptocurrencies, the payment methods carry with them inherent money laundering and terrorist financing risks hence requiring critical attention from law enforcement agencies.'
- The Nation (November 24, 2020): 'It is important to note that 'not legal tender' does not mean 'illegal'.'
4. Direct, Accessible URL Links:
- Reserve Bank of Malawi (RBM) - Statement on Cryptocurrencies: https://www.rbm.mw
- Exchange Control Act (Cap. 44:01): https://malawilaws.com
- UEEx Technology - Best Crypto Exchanges in Malawi (2025): https://www.ueex.com/blog/best-crypto-exchanges-in-malawi/
- UPay Blog - Crypto Adoption Around The World: Malawi: https://upay.co.uk/blog/crypto-adoption-around-the-world-malawi/
- CCN.com - Bitcoin Trading Popularity Spooks Malawi Central Bank Warning Against Cryptocurrency: https://www.ccn.com/bitcoin-trading-popularity-spooks-malawi-central-bank-warning-against-cryptocurrency/
- CoinGeek - Reserve Bank of Malawi warns crypto is not a legal tender: https://coingeek.com/reserve-bank-of-malawi-warns-crypto-is-not-a-legal-tender/
- ResearchGate - Analysing the Cryptocurrency Regulatory Environment of Malawi Using Pathetic Dot Theory: https://www.researchgate.net/publication/362879618_Analysing_the_Cryptocurrency_Regulatory_Environment_of_Malawi_Using_Pathetic_Dot_Theory
- Financial Intelligence Authority, Malawi - News Detail (ACB urged to join hands...): https://www.fiumalawi.gov.mw/media_center/news_detail/acb-urged-to-join-hands-with-other-competent-authorities-in-fighting-money-laundering-and-terrorist-financing
- The Nation - Firm puts up case for cryptocurrencies: https://mwnation.com/firm-puts-up-case-for-cryptocurrencies/
## Retail Cryptocurrency Trading Status: Malawi **Report Date:** 2025-06-26 **Topic:** Retail_Trading_Status **Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued). --- ### 1. Current Status: **Allowed-Unregulated** --- ### 2. Detailed Narrative Explanation: The Reserve Bank of Malawi (RBM), the country's central bank, has consistently stated that cryptocurrencies are not legal tender in Malawi. This means that cryptocurrencies are not officially recognized as a currency by the Malawian government and cannot be used as a substitute for the Malawian Kwacha. The RBM has issued warnings to the public regarding the risks associated with cryptocurrency trading, including money laundering, vulnerability to cybercrimes, hacking, and other fraudulent activities. The central bank has also clarified that it does not oversee or regulate cryptocurrency activities, and there are no specific consumer protection laws in place for cryptocurrency transactions. A significant practical restriction is the RBM's application of the Exchange Control Act. The RBM has stated it 'will not approve nor recognise any inbound or outbound foreign investment in cryptocurrencies,' effectively prohibiting authorized dealer banks from processing transfers to international crypto exchanges. This creates a de facto banking ban, forcing traders to rely on Peer-to-Peer (P2P) markets or informal channels. Despite these warnings, the lack of legal tender status, and the banking restrictions, the use and trading of cryptocurrencies by individuals in Malawi are not explicitly illegal. Malawians can legally buy, sell, and trade cryptocurrencies through exchanges and P2P networks, although these activities are not registered or regulated by the RBM. This places the activity in an 'Allowed-Unregulated' category, meaning while not prohibited, it operates without a specific crypto-focused regulatory framework and outside the formal banking system. General commercial or financial laws might apply, but the activity itself isn't specifically governed by cryptocurrency regulations. The RBM has acknowledged the growing public interest in cryptocurrencies and is aware that they are being used as a means of payment, a store of value, or as investment assets online. There have been discussions and considerations within Malawi about the legal status and potential regulation of cryptocurrencies. A 2022 research paper indicated that Malawi did not have adequate legal frameworks to regulate the use of cryptocurrencies at that time, though it possessed some ICT infrastructure that could support such services, primarily in urban areas. The Financial Intelligence Authority (FIA) of Malawi has acknowledged the money laundering and terrorist financing risks associated with new payment methods like cryptocurrencies and has engaged in efforts to train investigators and prosecutors on virtual currency investigations. This indicates an awareness of the need for oversight, even if specific regulations for retail trading are not yet in place. While some sources from early 2024 and late 2023 suggest Malawi was making significant strides in establishing a comprehensive regulatory regime for cryptocurrency exchanges and digital asset service providers, more direct and recent pronouncements from the Reserve Bank of Malawi continue to emphasize the lack of regulation and the risks involved. Therefore, individuals engaging in cryptocurrency trading in Malawi do so at their own risk due to the absence of a formal regulatory and consumer protection framework and the exclusion from the formal banking sector. --- ### 3. Specific, Relevant Text Excerpts: * **RBM Statement on Cryptocurrencies (Press Release, May 27, 2019):** 'Reserve Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi... RBM will not approve nor recognise any inbound or outbound foreign investment in cryptocurrencies.' * **UEEx Technology (citing information up to April 29, 2025):** 'Yes, cryptocurrency exchanges are legal in Malawi. However, it's important to understand the context and regulatory environment surrounding their use. The Reserve Bank of Malawi (RBM) has clarified that while cryptocurrencies like Bitcoin are not recognized as legal tender, the use and trading of these digital assets are not illegal. This means you can legally buy, sell, and trade cryptocurrencies through exchanges operating within the country. However, the RBM does not regulate or oversee cryptocurrency activities. This lack of regulation implies that there are no consumer protections in place for cryptocurrency transactions.' * **UPay Blog (December 10, 2024):** 'The Reserve Bank of Malawi (RBM) has made it clear that cryptocurrencies, such as Bitcoin, Litecoin, and Ripple, are not recognized as legal tender in the country. The central bank has also advised against using digital currencies as a replacement for the Malawian kwacha.' * **UPay Blog (December 10, 2024):** 'Additionally, Malawi does not have any legally registered cryptocurrency exchanges, making trading activities largely unregulated.' * **CCN.com (quoting RBM Governor Dr. Dalitso Kabambe, June 14, 2024):** 'Reserve of Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi. The RBM is however aware that they are used as a means of payment or medium exchange, a store of value or invested assets online.' * **CoinGeek (May 28, 2019):** 'According to local news, the central bank has deemed cryptocurrencies illegal tenders in the country... First, the government does not have an institution that regulates or oversees crypto trading, and as such, all investments are purely at the owner's risk. Secondly, crypto exchanges operating in the region are not registered with the authorities.' (Note: While this source uses 'illegal tenders,' the broader context from multiple sources clarifies they are not *legal tender* but trading itself is not banned). * **ResearchGate (Makoza, F. G., August 2022):** 'However, the country did not have adequate legal frameworks to regulate use of cryptocurrencies.' * **Financial Intelligence Authority, Malawi (News Detail, related to a workshop on May 17, 2022):** 'Chipeta noted that while there are advantages of new payment methods such as through cryptocurrencies, the payment methods carry with them inherent money laundering and terrorist financing risks hence requiring critical attention from law enforcement agencies.' * **The Nation (November 24, 2020):** 'It is important to note that 'not legal tender' does not mean 'illegal'.' --- ### 4. Direct, Accessible URL Links: * **Reserve Bank of Malawi (RBM) - Statement on Cryptocurrencies:** [https://www.rbm.mw](https://www.rbm.mw) * **Exchange Control Act (Cap. 44:01):** [https://malawilaws.com](https://malawilaws.com) * **UEEx Technology - Best Crypto Exchanges in Malawi (2025):** [https://www.ueex.com/blog/best-crypto-exchanges-in-malawi/](https://www.ueex.com/blog/best-crypto-exchanges-in-malawi/) * **UPay Blog - Crypto Adoption Around The World: Malawi:** [https://upay.co.uk/blog/crypto-adoption-around-the-world-malawi/](https://upay.co.uk/blog/crypto-adoption-around-the-world-malawi/) * **CCN.com - Bitcoin Trading Popularity Spooks Malawi Central Bank Warning Against Cryptocurrency:** [https://www.ccn.com/bitcoin-trading-popularity-spooks-malawi-central-bank-warning-against-cryptocurrency/](https://www.ccn.com/bitcoin-trading-popularity-spooks-malawi-central-bank-warning-against-cryptocurrency/) * **CoinGeek - Reserve Bank of Malawi warns crypto is not a legal tender:** [https://coingeek.com/reserve-bank-of-malawi-warns-crypto-is-not-a-legal-tender/](https://coingeek.com/reserve-bank-of-malawi-warns-crypto-is-not-a-legal-tender/) * **ResearchGate - Analysing the Cryptocurrency Regulatory Environment of Malawi Using Pathetic Dot Theory:** [https://www.researchgate.net/publication/362879618_Analysing_the_Cryptocurrency_Regulatory_Environment_of_Malawi_Using_Pathetic_Dot_Theory](https://www.researchgate.net/publication/362879618_Analysing_the_Cryptocurrency_Regulatory_Environment_of_Malawi_Using_Pathetic_Dot_Theory) * **Financial Intelligence Authority, Malawi - News Detail (ACB urged to join hands...):** [https://www.fiumalawi.gov.mw/media_center/news_detail/acb-urged-to-join-hands-with-other-competent-authorities-in-fighting-money-laundering-and-terrorist-financing](https://www.fiumalawi.gov.mw/media_center/news_detail/acb-urged-to-join-hands-with-other-competent-authorities-in-fighting-money-laundering-and-terrorist-financing) * **The Nation - Firm puts up case for cryptocurrencies:** [https://mwnation.com/firm-puts-up-case-for-cryptocurrencies/](https://mwnation.com/firm-puts-up-case-for-cryptocurrencies/)
Source Evidence
Primary and secondary sources cited in this analysis
"Yes, cryptocurrency exchanges are legal in Malawi. However, it's important to understand the context and regulatory environment surrounding their use. The Reserve Bank of Malawi (RBM) has clarified that while cryptocurrencies like Bitcoin are not recognized as legal tender, the use and trading of these digital assets are not illegal."
"The Reserve Bank of Malawi (RBM) has made it clear that cryptocurrencies, such as Bitcoin, Litecoin, and Ripple, are not recognized as legal tender in the country. The central bank has also advised against using digital currencies as a replacement for the Malawian kwacha."
"Reserve of Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi. The RBM is however aware that they are used as a means of payment or medium exchange, a store of value or invested assets online."
"Reserve Bank of Malawi wishes to advise the general public that cryptocurrencies are not legal tender in Malawi... RBM will not approve nor recognise any inbound or outbound foreign investment in cryptocurrencies."
"The bank stated cryptocurrencies are illegal and are not a substitute for the local fiat currency."
"However, the country did not have adequate legal frameworks to regulate use of cryptocurrencies."
"Chipeta noted that while there are advantages of new payment methods such as through cryptocurrencies, the payment methods carry with them inherent money laundering and terrorist financing risks hence requiring critical attention from law enforcement agencies."
"Governs all foreign currency transactions; used by RBM to block authorized dealers from facilitating crypto-related capital outflows."
"It is important to note that 'not legal tender' does not mean 'illegal'."
Web Sources (12)
Sources discovered via web search grounding
Search queries used (9)
- Reserve Bank of Malawi statement on cryptocurrencies 2019
- Reserve Bank of Malawi cryptocurrency regulation status
- is cryptocurrency legal in Malawi 2024
- Malawi crypto exchange regulation
- Reserve Bank of Malawi foreign exchange controls cryptocurrency
- Reserve Bank of Malawi 2024 cryptocurrency statement
- "Reserve Bank of Malawi" cryptocurrency "illegal" vs "not legal tender"
- Reserve Bank of Malawi "foreign investment" cryptocurrency ban
- Malawi Exchange Control Regulations crypto
https://blog.upay.best/crypto-adoption/malawi/
https://proeliumlaw.com/cryptocurrency-regulation-tracker/
https://www.elibrary.imf.org/view/journals/087/2025/004/article-A001-en.xml
https://archive.times.mw/index.php/2019/05/29/reserve-bank-of-malawi-cautious-on-crypto-currency-use/
https://www.china-briefing.com/news/cryptocurrency-market-unfazed-by-china-ban/
https://coingeek.com/reserve-bank-of-malawi-warns-that-crypto-is-not-a-legal-tender/
https://www.bizmalawi.com/rbm-warns-against-cryptocurrencies/
https://blog.mexc.com/wiki/is-crypto-legal-in-malawi/
https://mwnation.com/firm-puts-up-case-for-cryptocurrencies/
https://allafrica.com/stories/202110210090.html
https://www.ccn.com/cryptocurrencies-not-legal-tender-says-malawis-central-bank/
https://allafrica.com/stories/201905270764.html