BITCOIN TRADING BANNED IN ZIMBABWE

Bitcoin trading has been banned in Zimbabwe by the Reserve Bank of Zimbabwe.

BITCOIN TRADING BANNED IN ZIMBABWE

RBZ registrar of banking institutions, Norman Mataruka said financial institutions should exit any existing relationships with virtual currency exchanges within 60 days and proceed to liquidate and restitute existing account balances.

He said that accepting cryptocurrencies as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/sale of virtual currencies was also prohibited.

“As monetary authorities, the Reserve Bank of Zimbabwe is the custodian of public trust and has an obligation to safeguard the integrity of payment systems.

Central bank governor John Mangudya warned the public against trading in 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.

“The Reserve Bank of Zimbabwe has not authorised or licensed any person or entity or exchange for the issuance, sale, purchase, exchange or investment in any virtual currencies/coins/tokens in Zimbabwe. Exchanges such as Bitfinance (Private) Limited (Golix) and Styx24 are not licensed or regulated by the Reserve Bank.”

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