“The Reserve Bank has directed all banking institutions not to provide banking services to facilitate any person or entity in dealing with or settling virtual currencies,” Mangudya said. The Reserve Bank of Zimbabwe has banned local banks from processing such payments , with governor John Mangudya claiming such payments are the " currency of choice " for criminals and money launderers . However , the central bank stops short of banning local cryptocurrency transactions . Zimbabweans who trade bitcoin claim the cryptocurrency needs protection because their bank deposits lose value very quickly .
The Reserve Bank of Zimbabwe has banned local banks from processing such payments , with governor John Mangudya claiming such payments are the " currency of choice " for criminals and money launderers . However , the central bank stops short of banning local cryptocurrency transactions . Zimbabweans who trade bitcoin claim the cryptocurrency needs protection because their bank deposits lose value very quickly .