Zimbabwe Bans Cryptocurrency Related Activities And Transactions

Hi @everyone, this @akomoajong with news related to Cryptocurrency and Blockchain adoption in Africa. Todays news, has to do with Zimbabwe.

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Zimbabwe’s central bank has banned all finiancial institution as well as stakeholders to abstain from Cryptocurrency related transactions.

Norman Mataruka, Director and Registrar of banking institutions at the Reserve Bank of Zimbabwe issued an order to all local financial institutions in the country to quit Cryptocurrency related activities and transactions within sixty (60) days. Individuals or the public as a whole has been informed not to use, hodl, trade and carry out any form of transaction with Cryptocurrencies.

Mr Mataruka further explained that the Reserve Bank of Zimbabwe (RBZ) has a objective to safeguard the integrity of payment systems and this objective cannot be carried out with Cryptocurrencies.

The governor of RBZ, John Mangudya also release a statement warning the public that dealing with Cryptocurrencies in the country is at one own risk. These are his words:

Any person who buys and/or 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 of Zimbabwe or to any regulatory authority.

It should be noted that in November last year, The Reserve Bank of Zimbabwe announced that the use of Cryptocurrencies as a method of payment will remain illegal until financial authorities will develop a regulatory framework.

Personally, I think this is a major setback towards the adoption of Cryptocurrencies in Zimbabwe and Africa as a whole. I hope the RBZ authorities or finanacial authorities in Zimbabwe see reasons to change this decision.

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Cheers!, @akomoajong