On May 11th, Reserve Bank of Zimbabwe released a circular instructing all domestic financial institutions to stop providing services to all cryptocurrency exchanges and begin liquidating existing cryptocurrency-related accounts, giving a 60 days ultimatum.
Read more: cryptocurrency ban imposed by the RBZ was suspended but temporarily. This can mean that there still is the chance, that legislators decide to follow the RBZ’s thinking and officially make cryptocurrencies illegal.
This could turn out as a huge failure to lot of innovative solutions in Zimbabwe that utilize cryptocurrencies to solve various challenges people face in Zimbabwe. Specially businesses like affordable remittance solutions, debt factoring solutions and many more out there that could be doomed if cryptos are banned.
According to a news report by “Zimbabwean Parliament should regulate instead of banning cryptocurrencies” where the Vic Falls Coin writes that having regulations will achieve the same objectives which a ban is intended to achieve-which is the protection of consumers/investors and the disruption of criminal activities within the sector.