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.
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. However, the central bank stopped short of banning local cryptocurrency exchanges. Zimbabweans who trade bitcoin claim the cryptocurrency offers protection because their bank deposits lose value very quickly.