The reserve Bank of Zimbabwe (RBZ) decreed that all financial institutions in the country to stop transactions with cryptocurrencies. A circular letter was sent to all banks on Friday, the 11th.

The resolution contains the clarification that such radical measures of the Central Bank of Zimbabwe is trying to protect users and maintain the security of the financial system of the state. For the avoidance of doubt, the Registrar of banking institutions RBZ Mataruka Norman (Norman Mataruka) the Ordinance said:

“All financial organizations, including commercial banks and providers of mobile payment services, you must ensure that they do not use, do not sell, do not hold and do not do exchanges and transfers of cryptocurrency.

It is also unacceptable to the provision of any services using digital tokens, such as: account opening and maintenance, registration, clearing retail payments and transfers, issuing loans and accepting collateral.”

Additionally, the RBZ gave the order to terminate any existing relationships with cryptocurrency exchanges for up to 60 days to return them money.

In a separate statement, Bank Governor of Zimbabwe John Mangudya (John Mangudya) has warned the public about the insecurity of cryptocurrency trading:

“Anyone who buys, sells, and carries out any other transaction with digital currency do so at your own risk and without protection of the Reserve Bank”.

Recall, doubts about the necessity of legalizing the cryptocurrency in the country, the Reserve Bank of Zimbabwe expressed at the end of November last year. Norman Mataruka very categorically stated that the RBZ will do all they can to prevent bitcoin on the financial markets of the country.