Reserve Bank of Zimbabwe Issues Ban on Cryptocurrencies to ‘Protect the Public’
From NewsBTC
Zimbabwe’s central bank (RBZ) has banned the transacting in and trading of cryptocurrencies.Read more: https://www.newsbtc.com/2018/05/12/reserve-bank-of-zimbabwe-issues-ban-on-cryptocurrencies-to-protect-the-public/The ban — which applies to all financial institutions — was put forth by the RBZ registrar of banking institutions, Norman Mataruka, in a circular yesterday. The reason for the move was to protect the public and safeguard the integrity and safety of the country’s financial system, he said.
Reserve Bank of Zimbabwe Bans Cryptocurrencies
Mataruka also specified that accepting cryptocurrencies as collateral, opening accounts at cryptocurrency exchanges, and the transfer or receipt of money in accounts relating to digital currencies are also prohibited.“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,” Mataruka said. “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.”
The economical geniuses that brought the country hyper-inflation and a useless currency are at it again. This country is a joke as far as financial acumen goes. They have shot themselves in the foot. Since it will be outlawed their government will never collect it for taxes and will find themselves crypto poor in the new economy to come.
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Haha! The genius here is undeniable. Thank you Zimbabwe for once again giving the world a perfect example of what not to do. Thanks for the share! Resteem
Interesting article, thanks for sharing. I've smashed the upvote button for you! I don't get Zimbabwe, are they always trying to make things harder for their people?
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Curious move from Zimbabwe. Given their predicament, you'd expect them to be a bit more creative, like Venezuela...Wakanda it is not, that's for sure.
Are we really surprised? Zimbabwe messed up their economy so bad in economics classes, Zimbabwe finds its way into the learning materials because it's such a great example of a corrupt country that destroyed its own economy.
Cryptocurrency is an opportunity for Zimbabwe to collect taxes from crypto and collect money from licences to foster the creation of regulated and legal exchanges. Not everyone can see the future, especially Zimbabwe.
Even Venezuela is embracing cryptocurrency because their currency is destroyed as well, but at least crypto is an opportunity to repair it.
RIP Zimbabwe.
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