‘RBZ engages bitcoin players’

THE Reserve Bank of Zimbabwe (RBZ) is reportedly sending its officials to engage local bitcoin players to try and understand how the cryptocurrency operates.

BY TATIRA ZWINOIRA

Speaking to NewsDay on condition of anonymity yesterday, a bitcoin analyst said the central bank had stepped up efforts to discourage the use of cryptocurrency due to a lack of understanding of how it works.

“Before you regulate anything, you have to understand it yourself. Do you think [RBZ governor John] Mangudya understands all that? He doesn’t. I can tell you that they have actually asked their guys to try and understand it as of now. They have been going to bitcoin players to ask how it works,” the source said.

“[Finance minister Patrick] Chinamasa actually went to a conference in South Africa where bitcoin and blockchain was discussed a few months ago sometime in June or July. The central banks and Sadc Finance ministers in attendance agreed in principle to try to understand how cryptocurrency works and use it.”

This came as Mangudya issued a statement on Wednesday warning against the use of the virtual currency as it was not regulated under the current legal and regulatory dispensation.

“… any person who invests in virtual currencies or participates in any transaction involving virtual currencies, does so at own risk and will not have legal protection from, or recourse against, any regulatory authority,” he said.

Interest from the central bank in cryptocurrency has grown since last month when RBZ director and registrar of banking institutions Norman Mataruka called bitcoin illegal and that the regulator would not allow its use in Zimbabwe.

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12 Comments

  1. If a governor does not understand what Bitcoin is and how it operates then why is he there?

  2. How can you say its illegal when you dont even understand what it is????? 🙁 🙁 🙁 It may be risky but comment after you grasp what it is thanks

  3. Vembuya you are so right!
    Bitcoin just took a huge plunge downwards. People better get out fast. This is nothing more than a glorified Pyramid scheme. The top players are already selling off for bug profits but the little fish at the bottom will be left high and dry.
    I work hard to save every Euro and I would NEVER risk my money on Bitcoin.

    1. Bitcoin will continue to fly high. If you think that the most recent crash is a first for Bitcoin, thin again, or better yet, read through the history of this currency. It’s been there before and it came back stronger. What’s happening now is simply a price correction and retracement from the recent rally. THat’s not unheard of when you understand Technical Analysis (which is the only sensible framework here as there are no fundamentals to talk about).
      I went long BTC and Etherium when BTC broke $10K and ETH broke $0.5k. I will be selling when BTC hits $30k, which will be a tidy profit.
      Meanwhile, good luck in your Euro dealings, with Juncker and them.

  4. if you respond to what you do not know and understand with fear and suspicion then clearly you are alien to those that know and understand it!!!!1

  5. Chimbadzo!

  6. monetary authorities

    this idea of trying to be completely free from governments is not practical at all , if governments in the world do not support bitcoin and many other such currencies how will the owners of such money buy commodities and register them legally? , this is just an internet game which should not be taken seriously.This is an attempt to create a world without governments and in such a world who will coordinate resources to build say schools , roads , hospitals etc. someone will get duped after losing real money, leave the internet crazy people to dupe themselves.

  7. Jojo Zvenyika Siyananazvo

    For your info guys, big players like Amazon are adopting Bitcoin as a mode of payment. ATM machines are already there to enable users to transact…….. Bitcoin is unstoppable. Big guys like Bill Gates, your Brunsons have given digital currency thumps up.. Wake up guyz and smell the coffee. The world order is here very fast. Jump on board at the ground level. I first head of this in 2009 when Bitcoin was only worth US$0,009 now its +US$23,000. Its not a joke people. Look at all the mess physical currency has caused and the cost of transacting using bank notes…

  8. How does one get this cryptocurrency

  9. these fools,beforward even advised me to buy my car using bitcoin because it is faster and is less expensive than Telegraphic transfer

  10. KKKKKKKKKK I think people are used to make deposits to banks on which they will be charged bank charges not given interest, support governments which steal their money in the name of infrastructural development… i do not know much about bitcoin, but banks are fucked up, which is why even those who are supporting banks are not even putting their money in the banks, so why embrace a banking system that is legalising stealing peoples` money in a broad daylight. Banks create laws which only give the profits not consumer protection…….. I HATE BANKS BECAUSE THEY GIVE YOU 4% INTEREST PER YEAR FOR YOUR SAVINGS AND CHARGE YOU 20% INTEREST WHEN YOU BORROW THEM…… HAAAAAAAAH HAAAAAAAH GUYS WAKE UP MHANI!!!!!

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