Cryptocurrency is not legal in Lesotho, as the country has banned crypto assets according to international financial institutions. The International Monetary Fund identified Lesotho among six African countries—including Cameroon, Ethiopia, Sierra Leone, Tanzania, and the Republic of Congo—that have banned cryptocurrency (2). The Central Bank of Lesotho has consistently maintained that cryptocurrencies do not fall under its regulatory purview and has issued warnings against their use (1).
The Central Bank of Lesotho has clarified that cryptocurrencies do not qualify as legal tender issued by the bank nor as foreign currency traded by licensed institutions within Lesotho (1). Section 23 of the Central Bank of Lesotho Act of 2000 grants the bank exclusive powers to be the sole issuer and redeemer of currency in the country (1). The promotion of cryptocurrencies as investment opportunities potentially violates Sections 27 and 28 of the Central Bank of Lesotho Capital Market Regulations of 2014 (1).
"Cryptocurrencies do not fall under the purview of the regulatory scope of the Central Bank of Lesotho and as such there shall be no recourse to the Bank in the event of losses."
The Central Bank warns that participation in virtual currencies may lead to violations of existing tax laws, exchange control laws, and anti-money laundering or combating of terrorist financing laws, which are prosecutable transgressions (1). Africa has become one of the fastest-growing crypto markets globally despite widespread restrictions, with only one-quarter of countries in sub-Saharan Africa formally regulating crypto (2). Policymakers worry that cryptocurrencies can be used to transfer funds illegally and circumvent local rules preventing capital outflows (2).
Source:
https://centralbank.org.ls/press-statement-on-the-emergence-and-promotion-of-cryptocurrencies/
https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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