"Any person who buys, sells or otherwise transacts in cryptocurrencies, whether online, or otherwise, does so at their own risk and will have no recourse to the Reserve Bank or to any regulatory authority in the country", it said.
According to Mataruka, RBZ intends to take strict measures to protect its citizens from the fraudulent activities associated with crypto markets and safeguard the integrity and safety of its financial system in the country.
Zimbabwe's Reserve Bank governor, John Mangudya has announced that the Central Bank is not licensed to trade in virtual currency and that anyone investing or trading virtual currencies is not protected by the law.
On Friday, RBZ registrar of banking institutions Norman Mataruka issued Circular No. 2/2018 to banking institutions on May 11, telling all cryptocurrency related businesses have a grace period of two months to wind up their operations before the ban becomes effective.
"As monetary authorities, the Reserve Bank of Zimbabwe is the custodian of public trust and has an obligation to safeguard the integrity of payment systems", Mataruka said.
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Many Zimbabweans are trading in cryptocurrencies which have given them quick yields, but RBZ also warned that anonymity surrounding deals made it hard for law enforcement agencies to trace transactions. He was quoted saying, "The Reserve Bank has directed all banking institutions not to provide banking services to facilitate any person or entity in dealing with or settling virtual currencies". "There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms", said Shivam Thakral, Chief Executive of BuyUcoin, a cryptocurrency exchange.
The decision has sparked debate in Zimbabwe over the central bank's heavy handedness in regulating cryptocurrencies in the country, which has for long struggled for foreign currency and liquidity amid cash shortages at the banks.
"The nature of cryptocurrency transaction make them the currency of choice for money launderers and other criminals".
Mangudya added that the RBZ will continue to closely monitor regional and global cryptocurrency developments in order to inform policy direction.