Central Bank refuses to ban crypto purchase

The Central Bank of Trinidad and Tobago announced last week that it is not prohibiting commercial banks from providing foreign exchange to consumers who want to buy cryptocurrencies.

However, the local financial sector regulator reaffirmed a warning it issued in January 2019—along with the T&T Securities and Exchange Commission and the Financial Intelligence Unit—about the hazards of investing in or transacting with cryptocurrencies.

Several consumers have complained to the Sunday Express about the difficulty of purchasing Bitcoin and other cryptocurrencies using foreign exchange from local commercial banks.

When asked last week if the Central Bank had instructed or suggested that commercial banks refrain from releasing foreign exchange to customers who want to buy cryptocurrencies, a representative for the Bank responded saying: “The high probability of loss should be carefully considered by investors and financial institutions that are approached to facilitate such activities.”