RBZ bans bitcoin trading

THE Reserve Bank of Zimbabwe (RBZ) has ordered all financial institutions in the country to immediately stop trading or transacting in cryptocurrencies.
RBZ registrar of banking institutions, Norman Mataruka in a circular yesterday, said they were taking these measures to protect the public and safeguard the integrity, safety and soundness of the country’s financial system.

BY BUSINESS REPORTER

The central bank said financial institutions should exit any existing relationships with virtual currency exchanges within 60 days and proceed to liquidate and restitute existing account balances.

Mataruka said for the avoidance of doubt, banking services would include maintaining accounts, registering, trading, clearing, collateral arrangements, remittances, payment and settlement accounts, giving loans against virtual tokens.

He added that accepting cryptocurrencies as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/sale of virtual currencies was also prohibited.

“As monetary authorities, the Reserve Bank of Zimbabwe is the custodian of public trust and has an obligation to safeguard the integrity of payment systems.

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,” he said.

In a separate statement, central bank governor John Mangudya warned the public against trading in cryptocurrencies.

“Any person who buys, 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 or to any regulatory authority in the country,” he said.

“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. Exchanges such as Bitfinance (Private) Limited (Golix) and Styx24 are not licensed or regulated by the Reserve Bank.”

He said the Reserve Bank will continue to closely monitor regional and global cryptocurrency developments in order to inform policy direction.”


Locally, the largest cryptocurrency exchange is Golix which is registered under Bitfinance (Private) Limited.

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9 Comments

  1. thank you

    1. For what? Haunyare

  2. CHIBABA SHUT UP THANK U RBZ

  3. stupid decision. crypto currencies like IOTA will be be used in VW vehicles in the near future used to pay electric charging stations, parking meters to participate in the data market place to sell information etc… crypto currencies are the future and zimbabwe will have no choice but to adapt

  4. GolixAndStyx24

    I live overseas and I have been taking USD$millions out of Zimbabwe via cryptocurrencies exchanges (Goxil and styx24) while you Zimbabweans face cash shortages and que for hours waiting to withdraw your useless bond notes.

    RBZ is doing the right thing for Zimbabwe.

    Innovation WHAT?? Cryptocurencies are not a Zimbabwean innovation project but people are using them to steal money from Zimbabwe. But, because you Zimbabweans are fools and fast asleep you think RBZ is against technology. Can anyone of you tell me how much money you made from trading in bitcoins, I am not talking about stealing from each other each other. None of you has made any meaningfull profit yet you want to defend technology that is making your own country worse off. Please THINK!!!!! Do not be blinded by technology. Think for Zimbabwe and act for Zimbabwe.

    Well done RBZ.

  5. WE ALL KNOW WHAT IT MEANS WHEN SOMETHING IS BANNED IN ZIMBABWE – IT BECOMES THE NORM AND VALUE INCREASES. It is like when you create anti-corruption commission, immediately you know the police become powerless and useless and corruption becomes normal becoz it now has its own representative body.

  6. Chakuyinga Chakuparonda

    Comment…Ko zvemabhanga atekeshera mumigwagwa yose yemaguta ose emunyika? Pane mumwe munyori akatopa REG nhamba nerudzi rwemotokari inopa mabhanga emumigwagwa mari.
    Ruzhnji rweZimbabwe rwukukwangwaya nenhamo, vashoma vakaisa
    misoro mutsvigiri, makumbo ari muhupfu. Jehovah vanogara kudenga, denga repasirose pindirayi Samasimba.

  7. They are retarded

  8. Yep these authorities, am amazed and disappointed to say the least. Back in 2012 I even suggested that as Zimbabwe we should use Bitcoin for our exports but the reason why that can’t happen as usual has come out and mostly being ignorant.

    Sorry to my folks but as Zimbos I know this is just a challenge we can overstep in a bit.

    Have just published my special report on Bitcoin and Cryptocurrencies, hope if the governer also reads it he will then reverse his decision.

    You can get it from my blog at bitcryptoguide.blogpost.com or simply go to my Twitter @Bitcoinguide2

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