Zimbabwe prohibits bank operations in cryptocurrencies

Domestic institutions have a period of sixty days to complete all transactions and settle accounts in digital currencies

The director and recorder of the Reserve Bank of Zimbabwe, Norman Mataruka, issued an order on Friday, May 12 to all domestic banking institutions on the prohibition of transactions in any digital currency.

The order includes commercial activities, purchase and sale, as well as the opening of bank accounts in cryptocurrencies. On the accounts, domestic banks will have a period of 60 days to complete any transaction and make the corresponding settlement.

The RZB measures apply both to institutions and people, to safeguard the integrity of the payment systems of the African country. In this regard, the governor of the banking entity, John Mangudya, indicated that those who buy, sell or receive “virtual” currency do so at their own risk.

Government authorities in Zimbabwe are waiting for a secure and stable regulatory framework for cryptocurrencies that will allow them to rely on them as a means to base their economy and finances. Currently, they are viewed with suspicion and related to data loss, hacking and various types of fraud.


Source: Cointelegraph

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