Zimbabwe central bank bans cryptocurrencies


"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.

In a statement released by Reserve Bank of Zimbabwe it said: "In order to safeguard the integrity, safety and soundness of the country's financial system, and to protect the public in general, all financial institutions are hereby required to ensure that they do not use, trade, hold and/or transact in any way in virtual currencies".

On Friday, RBZ registrar of banking institutions Norman Mataruka issued Circular No. 2/2018 to banking institutions on May 11, telling all cryptocurrency related businesses have a grace period of two months to wind up their operations before the ban becomes effective. In other words, keep its monopoly control on the money supply and prevent any competition. "Cryptocurrencies have strong linkages and interconnectedness with standard means of payments and trading applications and rely on much of the same institutional infrastructure that serves the overall financial system".

Notably, Zimbabwe doesn't use its own national currency.

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One less day of instruction does not help students. "The people who are writing Letters of Recommendation", he said. Around 991,000 public school students, or 65 percent of the state's enrollment, have Wednesday off.

Cryptocurrency businesses in Zimbabwe are anxious after the Reserve Bank of Zimbabwe (RBZ) ordered a ban on all cryptocurrency activities, giving operators 60 days to shut down all operations, according to local reports.

Since RBZ is a so-called "custodian of public trust", its obligation is to ensure that the payment systems in the country are protected.

Clearly, the RBZ are taking an approach here created to protect the fiat Zimbabwean Dollar and of course, to protect members of the public from the risks associated with cryptocurrency trading. Furthermore, the Central bank of Kenya also issued a directive warning the public from the risks linked to crypto assets such as Bitcoin (BTC). "The nature of cryptocurrency transactions makes them the currency of choice for money launderers and other criminals, seriously undermining global efforts to combat money laundering and the financing of terrorism", the central bank said. However, the tech-revolution in the third world is on the rise since 2017 and governments could change their approach and attitude towards the booming crypto markets.