The Reserve Bank Of Zimbabwe Have Their Say On Cryptocurrencies

16 May, 2018, 01:35 | Author: Sherman Richardson
  • The Reserve Bank Of Zimbabwe Have Their Say On Cryptocurrencies

"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".

According to Mataruka, RBZ intends to take strict measures to protect its citizens from the fraudulent activities associated with crypto markets and safeguard the integrity and safety of its financial system in the country.

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. "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".

"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".

In a separate statement, John Mangudya, the governor of the central bank warned the public to trade in cryptocurrency at their own risk.

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Mangudya said the central bank had "directed all banking institutions not to provide banking services to facilitate any person or entity in dealing with, or settling, virtual currencies".

The decision has sparked debate in Zimbabwe over the central bank's heavy handedness in regulating cryptocurrencies in the country, which has for long struggled for foreign currency and liquidity amid cash shortages at the banks.

Mataruka, in the circular, said that accepting cryptocurrencies as collateral, opening accounts of exchanges dealing with crypto and transferring or receiving money in accounts related to buying and selling of virtual currencies will be a violation.

Talking about the major cryptocurrency exchanges in the country, the notice points out that Bitfinance (Private) Limited (Golix) and Styx24 are the major cryptocurrency exchanges in the country where the latter one has also set up an ATM machine to facilitate the crypto transactions.

It said dealers and investors in any kind of cryptocurrency in Zimbabwe were not protected by law and that virtual currencies were traded in exchange platforms that were unregulated the world over.

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