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Zimbabwe’s Central Bank Finally Takes a Big U-Turn to Regulate Cryptocurrencies

Reserve Bank of Zimbabwe, the country’s central bank, revealed that it would develop a regulatory framework to check operations of companies dealing with cryptocurrencies. The Chronicle, a local newspaper, reported that the Reserve Bank of Zimbabwe (RBZ) has already begun drafting a policy framework to guide business activities of cryptocurrency firms.  

The central bank is set to regulate cryptocurrencies after banning local banks from processing cryptocurrency payments in 2019. In July last year, there was a surge in crypto trading, but the Zimbabwe government went ahead and banned foreign currency transactions.