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Reserve Bank Of Zimbabwe: Banks Can't Deal In Cryptocurrency

Reserve Bank Of Zimbabwe: Banks Can't Deal In Cryptocurrency”

"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", Mataruka said.

The Reserve Bank of Zimbabwe has banned financial institutions in the country from processing cryptocurrency transactions for cryptocurrency traders and investors despite growing interest in digital monetary assets in the country.

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.

According to the circular issued by the director and registrar of the banking institutions, Norman Mataruka, all the financial institutions are ordered to terminate their services to the crypto exchanges and start liquidating their accounts related to cryptocurrency effective immediately for which they have been given a grace period of 60 days.

RBZ governor John Mangudya has also cautioned the public against engaging in cryptocurrency trading.

"Ensure that they do not use, trade, hold, and/or transact in any way in virtual currencies". "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. He was quoted saying, "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".

Mataruka, in the circular, said that accepting cryptocurrencies as collateral, opening accounts of exchanges dealing with crypto and transferring or receiving money in accounts related to buying and selling of virtual currencies will be a violation. The Botswana pula, South African rand, Chinese renminbi, Indian rupee, Australian dollar, Japanese yen, and (predominantly) the USA dollar have all since been accepted as legal tender in the country.

Mangudya added that the RBZ will continue to closely monitor regional and global cryptocurrency developments in order to inform policy direction.

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