Central Bank of Rwanda Warns Against Financial Gambling
TOP AFRICA NEWS REPORTER
The governor of the Central Bank of Rwanda, John Rwangombwa, has issued a warning to the public about the dangers of engaging in financial transactions that involve gambling with the help of technology. This warning comes in light of recent cases where individuals have been defrauded of significant amounts of money through internet trading schemes.
One such case involves a man who defrauded over 500 people of more than $10 million through a company called Billion Traders FX. Earlier this year, there were also reports of individuals losing money to a company called Super Free to Trade Ltd (STT) which utilized technology in the realm of cryptocurrency trading.
Governor Rwangombwa emphasized that such activities are illegal and not financially feasible. He cautioned against working with individuals who promise unrealistically high profits, stating that legitimate financial traders do not offer such returns.
Rwangombwa urged the public to conduct thorough research before engaging in financial transactions and to be wary of schemes that promise quick and guaranteed returns. He highlighted the risks associated with fraudulent activities, noting that they often lead to losses for unsuspecting individuals.
The Central Bank of Rwanda has consistently warned about the risks associated with cryptoassets, citing issues such as illegality, theft, bankruptcy, price volatility, and lack of transparency. Rwangombwa’s message serves as a reminder for individuals to exercise caution and avoid falling victim to fraudulent schemes that exploit technology for financial gain.
