Zimbabwe Central Bank: Bitcoin Is Not Legal

Crime, News, Regulation | November 23, 2017 By:

Norman Mataruka, director and registrar of banking institutions at the the Reserve Bank of Zimbabwe (RBZ), said that bitcoin is illegal in the country and has warned the public against using it.

While the Reserve Bank of Zimbabwe, the country’s central bank, recognized the economic benefits of using cryptocurrencies such as bitcoin, they believe that any unregulated alternative type of payments should be approached with caution, even if it provided the unbanked an opportunity to gain financial control.

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

He added that the central bank is currently conducting research to determine the challenges and risks associated with cryptocurrencies and until they have actually established and come up with a legal and regulatory framework for these particular products, it will not be allowed.

Bitcoin has been trading at up to $14,000 on Golix, the country’s primary bitcoin exchange, against world averages of around $8,200.