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Zimbabwe becomes the latest country to bar financial institutions from cryptocurrency transactions. The Reserve Bank of Zimbabwe (RBZ) has ordered all financial institutions in the country to immediately stop trading or transacting in cryptocurrencies.
The report stated that RBZ registrar of banking institutions, Norman Mataruka, released a circular on Friday 11th May instructing all domestic financial institutions to stop providing services to all cryptocurrency exchanges and begin liquidating existing cryptocurrency-related accounts. Norman gave a 60 days ultimatum.
He added that accepting cryptocurrencies as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/sale of virtual currencies was also prohibited.
Explaining the move, the central bank official stated
“As monetary authorities, the...
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