Zimbabwe Regulator Introduces Ban on Cryptocurrency Operations

The Reserve Bank of Zimbabwe has introduced a ban on any operations with cryptocurrencies by financial institutions. The corresponding order was given to all institutions on May 11th, 2018. The document states that the regulator introduces this ban to protect users and secure the national financial system. The reserve bank order was received by all organizations, regardless of the form of ownership. They are instructed to check and make sure that they do not conduct any operations with cryptocurrencies. This applies to both banking institutions and companies providing mobile payments.

Also, a ban on the provision of services when working with digital assets (maintenance and opening of accounts, trade and financial transactions, lending, etc.) has been introduced. Companies and organizations working with cryptocurrency trading platforms should terminate such relations in two months. The head of the Central Bank, John Mangudya, also warned citizens about the dangers of cryptocurrency trading. He stressed that people should carry out operations with digital assets at their own discretion, as they can not count on the government’s protection in the case their funds are lossed.

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