Governments worldwide have also been kept busy trying to stay abreast of the developments in this industry with jurisdictions such as Japan and Canada showing favourable tendencies towards the adoption of cryptocurrencies as a method of payment, but other jurisdictions such as China and South Korea cracking down on the use of these currencies. The predictions regarding cryptocurrencies are broad and differ widely with some professionals fearing that bitcoin is a bubble which will soon burst, whilst others are more optimistic and feel that the price of Bitcoin will keep rising over the coming years.

As far as Mauritius is concerned, the Bank of Mauritius has so far been very cautious in its approach to cryptocurrencies, they issued a warning on the 18 December 2013, advising members of the public to exercise utmost care and diligence when dealing with virtual currencies, and further explaining that members of the public need to be aware of the risks associated with unregulated virtual currencies, which do not provide the same protection as ‘hard’ or ‘real’ money.

However, as may be the case worldwide, opinions differ regarding cryptocurrencies and blockchain technologies. Whilst the Bank of Mauritius has so far maintained its stand regarding cryptocurrencies with the former Governor, Ramesh Basant Roi, reiterating in November 2017 that one must be prudent when dealing with virtual currencies, the Board of Investment in Mauritius has adopted a more open approach to this sector by launching its new Regulatory Sandbox License in 2017.

Read More

Share
Twitter LinkedIn Email Save as PDF
More Publications
9 Apr 2020 |

COVID-19 and the Mauritius Justice System: How will this pandemic affect court work?

The coronavirus pandemic of 2020 has affected every aspect of our lives. Humankind is facing a globa...

13 Mar 2020 |

Appleby contributes five chapters to Global Legal Insights – Fund Finance 2020

Appleby provided five chapters to the Global Legal Insights - Fund Finance 2020 Guide. The publicati...

28 Feb 2020 |

Mauritius Regulatory Update

This is the second in a series of Mauritius Regulatory Alerts in which we bring you an overview of t...

18 Sep 2019 |

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Contributors: Huiyan Liew
20 Aug 2019 |

Mauritius Newsletter – August 2019

Welcome to the August issue of the Appleby Mauritius Newsletter. There have been significant changes...

16 Aug 2019 |

Enforcement of Arbitral Awards

Before embarking into the enforcement of arbitral awards, it is important to distinguish between a d...

16 Aug 2019 |

Amalgamation and migration under Mauritius Law

At a time when emerging technologies such as blockchain, cryptocurrency and FinTech dominate the off...

16 Aug 2019 |

Mauritius to embrace Blockchain Technology

The adoption of blockchain will represent a total shift from the traditional business dealings in Ma...

16 Aug 2019 |

Mauritius Case-Law Summary August 2019

This is a summary of recent cases likely to influence the practice of global business in Mauritius.

16 Aug 2019 |

Restrictions on giving financial assistance

Financial assistance refers to the assistance given by a company, whether directors or indirectly, f...

Contributors: Farzanah Nawool