Zimbabwe’s central bank, Reserve Bank of Zimbabwe’s (RBZ) has recently banned domestic financial institutions from dealing with cryptocurrencies, a circular has been issued by the authorities of the RBZ ordering all the banks and financial institutions in the country to stop and discontinue all kind of services related to cryptocurrency exchange. they have given a 60 days window to start liquidating all existing crypto related personal or business accounts.
The reason behind this ban is to protect the integrity of the traditional Fiat financial system which can’t be provided by RBZ for the cryptocurrency. And any investment in crypto from any business or personal account will be on owner’s risk.
Any person who buys, sells, or otherwise transacts in cryptocurrencies, whether online, or otherwise, does so at their own risk and will have no recourse to the Reserve Bank or to any regulatory authority in the country John Mangudya Governor RBZ
Apparently, this decision from RBZ could be the result of recent warning against cryptocurrencies from the Central Bank of Kenya (CBK), which issued a circular last month on the risks associated with crypto trading, such as fraud, hacking, and loss of data.