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.
