The Reserve Bank of Zimbabwe has banned local banks from processing cryptocurrency payments, with governor John Mangudya claiming such transactions are the "currency of choice" for criminals and money launderers. Zimbabwe’s central bank has stopped local banks from trading or processing payments linked to cryptocurrencies like bitcoin, its governor said on Monday, but stopped short of banning local cryptocurrency trading exchanges. In a statement released on Monday, he said that while it was not possible to stop all transactions, there were some who had been using bitcoin as an alternative means of payment. Zimbabweans who trade bitcoin claim the cryptocurrency offers protection because their bank deposits lose value very quickly.
The Reserve Bank of Zimbabwe has banned local banks from processing cryptocurrency payments, with governor John Mangudya claiming such transactions are the "currency of choice" for criminals and money launderers. In a statement released on Monday, he said that while it was not possible to stop all transactions, there were some who had been using bitcoin as an alternative means of payment. Zimbabweans who trade bitcoin claim the cryptocurrency offers protection because their bank deposits lose value very quickly.