Zimbabwe's Central Bank Bans Banks from all Cryptocurrency Dealings

Zimbabwe's Central Bank Bans Banks from all Cryptocurrency Dealings

Zimbabwe's Central Bank Bans Banks from all Cryptocurrency Dealings

The Reserve Bank of Zimbabwe has banned all the domestic financial institutions from dealing with cryptocurrencies by issuing a directive to the country's financial institutions that prohibit them from working with businesses and individuals that deal in cryptos.

With Zimbabwe now seemingly on the against side of the cryptocurrency argument, we could expect some backlash to occur within the cryptocurrency community, perhaps on a similar scale to what we have seen in India, with the launch of a petition and appeals to the high court of Delhi.

After India and Iran, the latest central bank to bank crypto trading is the Reserve Bank of Zimbabwe which has given 2 months to comply with the new directives.

Zimbabwe's central bank on Monday warned against trading in cryptocurrencies, saying virtual currencies such as bitcoin were not regulated in the country.

Stoneridge Investment Partners LLC Has $8.06 Million Holdings in General Electric (GE)
It dived, as 153 investors sold GE shares while 921 reduced holdings. 151 funds took holdings and 383 increased holdings. The stock of General Electric Company ( NYSE :GE) earned "Hold" rating by Vertical Research on Tuesday, January 16.

Mikel Arteta to Arsenal odds SUSPENDED: Bookies believe manager deal is close
The club wants to give the new boss time to adjust, prepare for the 2018/19 season and help with transfers. In an interview with Arsenal's website, Wenger said he did not think he would take another job in England.

Farenthold: Attorneys Don't Want Me To Repay Settlement
The port has tasked him with promoting the port's agenda and helping in resolving funding issues", the press release stated. "The board looks forward to the services Farenthold can provide in assisting the port with matters in Washington D.C.

Cryptocurrency has become the alternative currency of choice for many Zimbabweans and although unregulated by banks, it gives them the reliability that the faltering currency can not. Many people do consider this sort of restriction to be censorship, something the industry does not take very kindly too.

"The Reserve Bank has directed all banking institutions not to provide banking services to facilitate any person or entity in dealing with or settling virtual currencies", said the bank's governor, John Mangudya, earlier today. "Further, cryptocurrencies can be used to facilitate tax evasion as well as externalisation of funds in violation of a country's laws", reads part of the notice. "The Reserve Bank of Zimbabwe has not authorized or licensed any person or entity or exchange for the issuance, sale, purchase, exchange or investment in any virtual currencies/coins/tokens in Zimbabwe". The Botswana pula, South African rand, Chinese renminbi, Indian rupee, Australian dollar, Japanese yen, and (predominantly) the U.S. dollar have all since been accepted as legal tender in the country.

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. Alongside Golix, Bitfinance and Styx24 also face business uncertainties.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.