Zimbabwe central bank bans cryptocurrencies

saor

saor

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Zimbabwe’s central bank has banned cryptocurrency trading and processing, its governor has said.

The Reserve Bank of Zimbabwe bank has given financial institutions, including local banks, 60 days to end their existing relationships with virtual currency exchanges.

The governor John Mangudya said in a statement: “The Reserve Bank has directed all banking institutions not to provide banking services to facilitate any person or entity dealing with or settling virtual currencies.

“The nature of cryptocurrency transaction make them the currency of choice for money launderers and other criminals.”
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http://www.publicfinanceinternational.org/news/2018/05/zimbabwe-central-bank-bans-cryptocurrencies
 
More like they're scared of money leaving the country via crypto.
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One of the few places where people were actually using it as a stable store of value.
Stable relative to their hyperinflation the past few years.

Another article with a few more details:

Tech savvy Zimbabweans have long used bitcoin and other cryptocurrencies to plug foreign currency and liquidity gaps plaguing the country, so much so that the southern African country has become one of Africa’s most active markets for crypto transactions. But that hedging strategy has suffered a major setback after the Zimbabwean central bank ordered finance houses to stop processing virtual currency payments and gave then a two-month ultimatum to put this into effect.

https://qz.com/1278272/bitcoin-in-zimbabwe-has-been-banned-by-reserve-bank/
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This is why cryptocurreincies are needed.

Totalitarianism
Zimbabwe's government can go fly a kite, criminals.
 
The people have the land, pity they are starving.
 
“The nature of cryptocurrency transaction make them the currency of choice for money launderers and other criminals.”
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Sure, that's the reason...
 
so Zimbabwe has internet and electricity for them to worry about crypto, I guess things are progressing quickly
 
konfab said:
R10 says that South Africa will do the same...
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Na, CRs son is a 'blockchain specialist', can't cut that market, we're safe;)

*I'd wager CR has a hefty chunk in it too
 
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