Zimbabwe Bans Mobile Cash And Forex But Bitcoin Remains Unknown

Bitcoin proponents are raising awareness of fiat currency alternatives for Zimbabweans after the country’s central bank suddenly banned a popular payment option.

Central Bank Halts Mobile Cash Overnight

As local news outlet TechZim reported on September 30, the Reserve Bank of Zimbabwe (RBZ) has shut down so-called cash-in, cash-out transactions. 

Ubiquitous in Zimbabwe, cash-in, cash-out allows users to convert their mobile phone balances into hard cash and vice versa. 

In the face of economic turmoil, RBZ issued a directive instructing all mobile providers to refuse such transactions with immediate effect.

“It has come to the attention of the Reserve Bank of Zimbabwe that some economic agents are engaging in illegal activities abusing the cash-in, cash-out and cash-back facilities thereby compromising the public interest objectives of national payment systems in the economy,” the directive begins. 

It continues:

Notable activities include the buying and selling of cash…