Reserve Bank of Zimbabwe bans all cryptocurrency trading

Reserve Bank of Zimbabwe bans all cryptocurrency trading

Iran also announced last month that it had banned its domestic banks from dealing in cryptocurrencies due to money-laundering concerns.

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.

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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".

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