In a statement, RBZ said the move was taken to safeguard the integrity and soundness of the country's financial system and to protect the public in general.
The Reserve Bank of Zimbabwe bank has given financial institutions, including local banks, 60 days to end their existing relationships with virtual currency exchanges.
"Any person who buys, sells, or otherwise transacts in cryptocurrencies, whether online, or otherwise, does so at their own risk and will have no recourse to the Reserve Bank or to any regulatory authority in the country", he said.
RBZ governor John Mangudya has also cautioned the public against engaging in cryptocurrency trading. The sentiment amongst Zimbabweans is that converting their money into a cryptocurrency is a far safer bet than relying on what has been a fluctuating currency, not to mention the transactional limits imposed due to a lack of literal currency or diminished value of cash reserves in the country.
All financial institutions in Zimbabwe have been ordered to ensure that they do not use, trade, hold and/or transact in any way in cryptocurrencies or provide banking services to facilitate any person or entity in dealing with or settling cryptocurrencies.
Though Africa and other third world countries say they are ready to embrace the innovative technologies such as crypto assets and blockchain as alternative payment mechanisms to the expensive traditional banking system, they are aware that allowing crypto payments would render African central banks entirely obsolete since African currencies are known to devolve into hyperinflation over and over again.
According to CCN, the RBZ have officially banned all banks and financial groups from processing any cryptocurrency transactions for traders and investors. "There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms", said Shivam Thakral, Chief Executive of BuyUcoin, a cryptocurrency exchange. "Exchanges such as Bitfinance (Private) Limited (Golix) and Styx24 are not licensed or regulated by the Reserve Bank".
He said the government would press ahead with the Bill but suggested it would be open to amending it to reflect Scottish concerns. Scotland's parliament is expected to formally reject legislation for taking Britain out of the European Union today.
The Ontario utility's profit amounted to 37 cents per share, up from 28 cents per share in the first quarter of 2017. If today is anything to go by hydro costs will be one of the hot button issues right up to election night.
That can be changed now, reassigning the double-tap feature to skip the track of music you're listening to. Despite significant flaws, I liked them quite a lot in my review , but plenty across tech media did not.
Bollywood beauties Deepika Padukone , Aishwarya Rai Bachchan and Kangana Ranaut are making heads turn at the Cannes Film Festival. Chopra was in LA over the weekend, by the beach and, according to her Instagram Stories update, was "soaking up the sun".
Presently, Turquoise Hill Resources Ltd . (NYSE:TRQ)'s Williams Percent Range or 14 day Williams %R is resting at -77.78. Although the CCI indicator was developed for commodities, it has become a popular tool for equity evaluation as well.
Given that he has remained afloat on the open market, it could lessen the amount of money needed to land the 27-year-old. According to Calvin Watkins of Newsday , the New York Jets are set to meet with Vaccaro at some point this week.
Now, Banks is continuing the conversation on her own Instagram Story, posting early Tuesday morning (May 15). She then calls on Azaelia to "pray for [her] own success before [she prays] for the downfall of others".
By the early '80s, Branca had started his own label, Neutral Records, which released early records from Sonic Youth . In Boston, he founded an experimental theater group, and he composed experimental music for the group's productions.
In trying to determine how profitable a company is per asset dollar, we can take a look at the firm's Return on Assets. Typically, the higher the current ratio the better, as the company may be more capable of paying back its obligations.
China 'Offers Aid to N.Korea'
If a war had broken out between North Korea and the U.S., China would have been drawn into it as they were in the 1950s. Trump hailed the gesture as "very smart and gracious", and Pompeo said it is "good news " and "one step along the way".
Gwyneth Paltrow embraces motherhood with throwback snap
Apple was born about five months after Gwyneth and Chris' wedding and her little brother Moses , now 12, was born in 2006. Apple is Gwyneth's daughter by Coldplay frontman Chris Martin , whom the Shakespeare In Love actress married in 2003.
Rohr Release 30-Man Provisional World Cup List
Ikpea said: "I must commend Rohr on the list; it is a sign of his plan to take the nation far in the world forthcoming world cup". The list comprises of 4 goalkeepers , 10 defenders , 8 midfielders and 8 forwards .
Bill Cosby to be sentenced in September, judge rules
That's the home where jurors concluded he drugged and molested a former Temple University athletics administrator in January 2004. Cosby faces up to 10 years in prison for each of the three counts of aggravated indecent assault on which he was convicted .
Priyanka Chopra To Produce Fourth Marathi Film
After spending time overseas , shooting for her global projects, Priyanka Chopra wants to focus on her domestic ventures. Adinath will also star in the film along with Rucha Vaidya, Subodh Bhave, Kishor Kadam, Girish Joshi and Rajit Kapoor.
Stock on the Move: Colony Northstar Inc (CLNS)
The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Colony NorthStar, Inc . Following the completion of the purchase, the director now directly owns 61,690 shares in the company, valued at $366,438.60.