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Digital Currency Revolution

Reserve Bank Zimbabwe says bitcoin is illegal

Wednesday, November 22, 2017 6:21 AM UTC
0
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The Reserve Bank Zimbabwe (RBZ) has said that bitcoin is illegal in the country and has warned people against using the digital currency, according to Techzim.

Norman Mataruka, RBZ director and registrar of banking institutions, recently said:

“In terms of the Bitcoin, as far as we are concerned, it not actually legal. In Southern Africa, what we have done as regulators, we have said that we will not allow this in our markets.

“Research is currently being undertaken to ascertain the challenges and risks associated with these particular products and until we have actually established and come up with a legal and regulatory framework for them, it will not be allowed.”

The comments come at a time when bitcoin is being touted as Zimbabwe’s crisis currency. Bitcoin price on Golix, Zimbabwe-based bitcoin exchange, is over $14,000, as compared to global levels of around $8,100, at the time of writing.

The country has been facing financial crisis for years now. The hyperinflation situation in 2008 and 2009 and subsequent abandoning of the Zimbabwean dollar in 2009, drove people towards other avenues to safeguard their savings. Bitcoin, which emerged around this time, appeared to be one such attractive avenue for the people.

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Economics Monitor

April 19 12:30 UTC Released

USHouse Starts MM: Change

Actual

-0.3 %

Forecast

Previous

-8.7 %

April 19 12:30 UTC Released

USHousing Starts Number MM

Actual

1.139 Mln

Forecast

1.23 Mln

Previous

1.162 Mln

January 31 00:00 UTC 642378642378m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 642378642378m

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Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 654198654198m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 642378642378m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 654198654198m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 642378642378m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 642378642378m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 642378642378m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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