Zimbabwe’s central bank has recently banned domestic financial institutions from dealing with cryptocurrencies, local media outlet NewsDay reports today, May 12.
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The Reserve Bank of Zimbabwe, which is the Zimbabwean Central Bank, Reserve Bank of Zimbabwe, has announced that Bitcoin is illegal and the use of the cryptocurrency is no longer permitted within the country.
Bitcoin trading is on an exorbitant premium on the local Zimbabwean exchanges, as the embattled nation is struggling with another session of hyperinflation.