On May 13 2018, the Reserve Bank Of Zimbabwe (RBZ) issued guidelines in a circular that detailed cryptocurrency activities taking place within the country are now banned. The RBZ further stated that domestic digital currency operations had sixty days to become compliant. Local reports now reveal the Zimbabwe-based cryptocurrency exchange Golix plans to take the central bank to court for banning digital assets, as the firm emphasizes that the RBZ has no authority to ban cryptocurrencies across the country.
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Reserve Bank Of Zimbabwe Faces Legal Backlash
Last week cryptocurrency enthusiasts and businesses in Zimbabwe got some bad news as the central bank decided to ban all digital currency activities. The RBZ warned about the ‘risks’ involved with cryptocurrencies and told financial institutions not to deal with digital asset businesses.
The Reserve Bank of Zimbabwe released a circular which effectively banned cryptocurrencies this month.
The ban would affect Localbitcoins trades within the region alongside the country’s three exchanges Golix, Bitfinance, and Styx24. News.Bitcoin.com spoke with Golix representative Tawanda Kembo last month when the exchange installed a Bitcoin ATM. Our newsdesk also received an email from the Golix exchange shortly after the ban.
“On Friday, the Reserve Bank of Zimbabwe issued a statement to all banks instructing them to stop providing bank accounts to cryptocurrency companies within the next sixty days,” the Golix exchange explains.
This means that unless the central bank changes its position prior to the expiry of the sixty-day window, you will not be able to send or receive fiat currencies for cryptocurrency trades.
According to the regional publication Zimeye.net, Golix
