Pensioners have been implored to be alert on online scammers, especially those dealing with crypto currencies and forex trading. The Minister of Communications, Knowledge and Technology, Thulagano Segokgo made the plea at the Botswana Civil Service Pensioners Association (BCSPA) 14th Annual General Meeting (AGM) “Currently, we learn of opportunities for investment through technology such as Bitcoin, forex trading, that are gaining momentum.

I wish to urge you to be cautious as many are scammers,” said Segokgo. “Before taking any decision kindly check the authenticity of internet programmes,” he added. Segokgo reiterated that the elders should be cautious, despite national calls for citizens to embrace technology. “Let us be prudent in the use of technology to avoid being swindled of our hard-earned cash by both unscrupulous people including even our family members,” said Segokgo to the pensioners.

Meanwhile, the International Monetary Fund in its latest report: ‘Capital Flow Management Measures in the Digital Age: Challenges of Crypto Assets’, has bemoaned that crypto assets can be traded fraudulently and held without identification of the residency of the asset holder.

“Many crypto service providers operate across borders, making supervision and enforcement by national authorities more difficult,” reads part of the report. The report indicates that the challenges posed by the attributes of crypto assets are compounded by gaps in the legal and regulatory frameworks, as the legal status of crypto assets is often not clear. According to the IMF, crypto assets have become a significant instrument for payments and speculative investments in some countries, “driven by a host of macro-economic, institutional, and demographic factors.”