Reserve Bank of Zimbabwe bans banking services to cryptocurrency exchanges

Reserve Bank of Zimbabwe bans banking services to cryptocurrency exchanges

Zimbabwe's central bank has barred all domestic financial institutions from participating in or being affiliated with cryptocurrency.

The RBZ's Director and Registrar of Banking Institutions, Norman Mataruka, issued a directive to all Zimbabwean financial institutions to cease dealing with crypto-related exchanges holding the accounts of people dealing with crypto assets within the next 60 days to shut down all the active crypto-related accounts. "The nature of cryptocurrency transactions makes them the currency of choice for money launderers and other criminals, seriously undermining global efforts to combat money laundering and the financing of terrorism", the central bank said.

Just as we report positive news from Thailand with regards to cryptocurrency regulation, we are now seeing reports of quite the opposite from the Zimbabwe central bank, the Reserve Bank of Zimbabwe (RBZ), in a move that does resonate what we saw last month, from the Reserve Bank of India.

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"The anonymity of transactions in respect of virtual currencies has the potential to result in exchange control circumvention as the transfer would not be effected and reported by an authorized dealer in foreign exchange", it said.

The cryptocurrency ban not only covers the buying and selling of virtual currencies but is also extended to maintaining crypto-related accounts, remittances, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/sale of virtual currencies. "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".

Notably, Zimbabwe doesn't use its own national currency. 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. In his spare time, he enjoys astronomy, playing the bagpipes, and exploring southern California on foot.

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