Zimbabwe on a move to ban Crypto Exchanges

Zimbabwe of all the African countries has made a move to ban the only two Golix and Styx dominating cryptocurrency exchanges in the country, a move that was has some implications on the Southern African country. The two exchanges had given Zimbabweans living in the country a way to buy and trade Bitcoin both on the local exchanges and on a larger scale, international exchanges as well.

It's well known that Zimbabwe has been on the sanctions for close to 2 decades now and one of the main drawbacks that reduced uptake of crypto in the country was cash crisis (USD) as most banks' VISA and MasterCards were nolonger transacting online. This meant that the ordinary Zimbo could not afford to purchase crypto as mostif not all exchanges do not accept bank transfer.

Local exchanges had come in handy as most Zimbos were now able to exchange bitcoin for mobile money or bank transfer through these exchanges. Little did we know that this excitement will be short lived as the Reserve Bank of Zimbabwe published about the ban. All local banks have been ordered to stop dealings with all crypto trading platforms.

We wait to see what happens next as the notice date draws closer.