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Cryptocurrency Trading  Banned by Reserve Bank Of Zimbabwe(RBZ)

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RBZ

The Reserve Bank of Zimbabwe (RBZ) has banned every form of cryptocurrency trading which wad shared in a circular on virtual currencies/ cryptocurrencies to all the concerned institutes on 11th May 2018.   

Norman Mataruka, the Reserve Bank of Zimbabwe (RBZ) registrar of banking sent out a circular that said the central bank is taking these measures to protect and safeguard its people from the integrity, soundness, and safety of Zimbabwe financial system.  

Mobile money service providers, commercial banks, and all other financial institutions in Zimbabwe have been told not to use, hold, transact or trade in cryptocurrencies. Banking services to any individual, entity dealing or settling with cryptocurrencies will also be restricted.

The circular has banned a list of services that include maintaining accounts, trading, clearing, registering, remittances, collateral arrangements, giving loans against tokens, settlement accounts, accepting tokens as collateral, opening an account in cryptocurrencies exchanges and moving money which is related cryptocurrency trading.

Banks have been directed by the RBZ to terminate any relationships with cryptocurrency exchanges and to liquidate all existing account balances in 60 days.

Cryptocurrencies are not a legal tender in Zimbabwe and the country does not even have a regulatory framework for cryptocurrency or cryptocurrency trading. But has managed to effect a ban by directing all financial institution and banks to stop transaction and services which are related to cryptocurrencies.

 

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