Zimbabwe: Bitcoin is not legal

A representative of the Zimbabwean central bank spoke about the cryptocurrency Bitcoin. Among other things, he pointed out that the currency is not a legal tender in Zimbabwe.

According to the Chronicle, Norman Mataruka, director and registrar of the Reserve Bank of Zimbabwe, said about the benefits of the digital currency:

"Bitcoin ... is not really legal."


He also explained:

"In Southern Africa, as a regulator, we said that we do not allow [Bitcoin] in our markets."

It is not clear from the statements whether Bitcoin can not be used as a legally recognized currency in Zimbabwe or whether the cryptocurrency itself is completely prohibited.

However, Mataruka also made it clear that the central bank is investigating the risks of cryptocurrencies. He emphasized that "[Bitcoin] is not allowed" until the bank has drafted a legal framework.

According to the Chronicle, the Zimbabwean central bank has already warned citizens who invest in cryptocurrency that investments may suddenly be lost.

The landlocked country in southern Africa is by no means alone with this restrictive attitude towards technology.

Namibia also announced in October that the creation of crypto currency exchanges and Bitcoin as a means of payment for goods and services was prohibited.


"In addition to the fact that the bank does not recognize virtual currencies as a legal tender in Namibia, they are not classified as foreign currencies that can be changed into the national currency," it said in a statement.