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Bitcon is considered "illegal" in Zimbabwe

The central bank of Zimbabwe, Reserve Bank of Zimbabwe, has announced that the use of the cryptocurrency Bitcoin in the country is prohibited.

25.Nov.17 1:05 PM
By Daria Zaytseva


Bitcon is considered "illegal" in Zimbabwe

In the past, the bank has already warned that investors in the digital currencies could lose their money without recourse.

According to the director and registrar in Reserve Bank of Zimbabwe, Norman Mataruka, the use of Bitcoin is "not legal" within the jurisdiction of the country. However, it is not clear if Bitcoin is not officially recognized as an authorized currency or it is completely banned as a legitimate means of payment within the country.

Despite Mataruka’s negative comment on Bitcoin, he, however, said that the Reserve Bank of Zimbabwe has launched a research and development (R & D) initiative to determine the risks associated with the use of virtual currencies such as Bitcoin and Etherium. He added that Bitcoin's use in the country will not be allowed until the central bank has created and applied the regulatory framework covering the digital currencies.

This comment shows that the central bank is keeping an open mind about the possible legalization of cryptocurrencies in the country.

The Reserve Bank of Zimbabwe is not the only regulator opposing the massive introduction of digital currencies, such as Bitcoin.

In October 2017, the central bank of Namibia has announced that it would prohibit the use of Bitcoin as a payment option for goods and services. The Central Bank added that it will also prohibit the creation of virtual currency exchanges within its jurisdiction.

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