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.

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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.

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