Despite the fact that RBZ recognised the economic benefits of using digital currencies such as Bitcoin, it considered that any form of unregulated alternatives should be treated with caution, even if it introduced the unbanked an opportunity to restore financial control.
The RBZ has been waned towards regulating the cryptocurrency stating that in spite of its popularity, the central bank counteracted its use due to lack of a regulatory frameworks for exchanges and start-ups providing digital currency related financial services.
Research is currently being undertaken to ascertain the challenges and risks associated with these particular products and until we have actually established and come up with a legal and regulatory framework for them, it will not be allowed.
Top-manager and registrar of banking institutions, RBZ
Zimbabwe's central bank has earlier warned that people who are engaged in investing in cryptocurrencies could lose their funds without recourse.