Reserve Bank of Zimbabwe is saying that Bitcoin is not legal

Normal Mataruka (director of Reserve Bank of Zimbabwe) has recently stated that Bitcoin was illegal and that the regulator would not allow its use in Zimbabwe.

At present time, Bitcoin occupies a legal gray area in Zimbabwe. Because Bitcoin is an unregulated asset there, the government merely discourages its use due to lack of any regulatory framework. The RBZ also warns citizens not to get involved in cryptocurrency, pointing out the severe risks of losing entire investments with no potential recourse from the government.

However, RBZ director and registrar of banking institutions, Norman Mataruka, recently made statements confirming that Bitcoin is “not legal” and will not be regulated in Zimbabwe.

According to the Zimbabwean newspaper NewsDay Zimbabwe, Mataruka recently responded to questions regarding Bitcoins from delegates attending the Insurance Institute of Zimbabwe annual conference in Victoria Falls two weeks ago:

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

Although Zimbabwe was researching the risks associated with cryptocurrencies, they would remain illegal until a regulatory framework had been built.

Research is currently on, 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.

Given the latest developments, we expect a negative evolution of crypto-related news from this country.

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Written by Brad Chillum

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