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Zimbabwe banks can not conduct crypto-currency activities

The authorities have imposed a ban on financial and credit organizations of the country.

14.May.18 6:29 AM
By Shawn Highstraw


Zimbabwe banks can not conduct crypto-currency activities
Banking structures on the territory of Zimbabwe will no longer be able to carry out operations with digital currencies: the relevant decision was taken by the government of the country. As it became known, the Central Bank of the State gave financial and credit organizations sixty days to stop crypto-currency activities.

In the Circular on virtual currencies, the agency once again addresses the topic of risks specific to the new market. Representatives of the authorities are confident that crypto-currencies can be dangerous for the population, as well as financial stability of the country. In particular, the risks associated with the volatility of digital money are mentioned. In addition, the Central Bank reminds that crypto-currencies are often used in criminal interests for money laundering or tax evasion.

In accordance with the decision of the lawmakers, Zimbalbve banks will have to guarantee to refuse from buying or selling or otherwise using digital currencies. They will also have to break agreements with crypto-exchange exchanges with which they interacted before the publication of this prohibition. After banks execute the specified order, companies within the borders of the state can not use their services, which will put trade in crypto currency into question.

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