The Reserve Bank of Zimbabwe has reportedly ordered the nation’s financial institutions to stop all transactions related to cryptocurrencies, according to local media reports. NewsDay reported this weekend that RBZ Director and Registrar of Banking Institutions Norman Mataruka issued the directive on May 11 and has given Zimbabwe’s banks 60 days to comply.
The central bank’s directive claims that the decision was motivated by a need to protect the country’s financial system and the general public. The order requires banks and other financial institutions to:
“a. ensure that they do not use, trade, hold and/or transact in any way in virtual currencies;
b. ensure that they do not provide banking services to facilitate any person or entity in dealing with or settling virtual currencies; and
c. exit any existing relationships with virtual currency exchanges within sixty days of the date of this Circular and proceed to liquidate and restitute existing account balances.”
The RBZ circular included a list of activities that are now prohibited, including opening crypto exchange accounts, assisting with crypto transactions, and accepting digital currencies as collateral for loans.
