Zimbabwe’s central bank has told its domestic institutions that it will stop supporting deposits and withdrawals between bank and cryptocurrency exchanges. Reserve Bank of Zimbabwe claims it is done because of ‘safety of Zimbabwe’s financial ecosystem’. Haha-haha. Ha.
All Zimbabwean companies have been instructed to stop doing business with cryptocurrency exchanges and crypto businesses in general. Reserve Bank of Zimbabwe has given businesses two months settlement period.
Norman Mataruka, who is is Registrar of Banking Institutions at the Reserve Bank, told that Zimbabwe stops facilitating all kinds of crypto schemes, payments included. He claimed that cryptocurrencies like Bitcoin and Ethereum are threat to Zimbabwean ecosystem, quoting: “As monetary authorities, the Reserve Bank of Zimbabwe is the custodian of public trust and has an obligation to safeguard the integrity of payment systems.” Full ultimatum by the RBZ can be read from HERE.
There was also statement given by Reserve Bank of Zimbabwe governor John Mangudya, who said that any citizen getting involved in cryptocurrencies will do it at their own risk only.
So what is wrong in this picture? Well, Bitcoin was created to protect people from corrupt banks and governments – especially from governments like Zimbabwe has. It is ironical that Zimbabwe claims it has “financial ecosystem” that needs to be protected.
Let’s all remind us that this country has an underdeveloped banking infrastructure that’s constantly draining its citizens, just robbing them blind with insane inflation rates. But clearly this government seems to disagree.