Published On: Sun, Nov 26th, 2017

Reserve Bank of Zimbabwe: ‘Bitcoin is Not Legal’

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Reserve Bank of Zimbabwe (RBZ) director and registrar of banking institutions, Norman Mataruka, recently stated that Bitcoin was illegal and that the regulator would not allow its use in Zimbabwe.
Bitcoin is quickly becoming the crisis currency of the 21st century. Interest in Bitcoin soared in Nigeria after the country unpegged the Naira from the US dollar in June 2016, causing it to collapse 40% overnight. In Venezuela, Bitcoin has become a case study in cryptocurrency as citizens turn to Bitcoin mining in desperation amidst massive hyperinflation. And in Zimbabwe, Bitcoin is selling at nearly twice its normal value as Zimbabweans attempt to escape a decade-long “cash crisis” that has only worsened with its recent military coup.
Almost hard to believe, isn’t it? Could Bitcoin, which is notorious for its unprecedented volatility and massive price swings, actually be the most stable form of currency for millions of people suffering through economic turmoil? Time and time again, this has proven to be true.
Furthermore, Bitcoin provides the dual benefit of bypassing many countries’ strict monetary controls while avoiding the high fees of international wire transfers through traditional banks. As such, it has become an invaluable tool for …

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