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Zimbabwe central bank has warned against use of Bitcoin

HARARE Zimbabwe (Xinhua) -- The Reserve Bank of Zimbabwe (RBZ) on Thursday warned the public against the use of virtual currencies such as Bitcoin because of the risks involved.

In a statement, RBZ governor John Mangudya noted that the use of virtual currencies or cryptocurrencies was on the increase both locally and globally, with Bitcoin being the most popular.

He warned that the use of and trading in such currencies was not regulated by the country’s laws and presented risks such as money laundering, terrorism financing, tax evasion and fraud.

“Under the existing legal and regulatory dispensation, any person who invests in virtual currencies or participates in any transaction involving virtual currencies, does so at own risk and will not have legal protection from, or recourse against, any regulatory authority,” he said.

Mangudya said virtual currency was defined as a digital representation of value that could be digitally traded and functioned as a medium of exchange or a unit of account or a store of value but did not have legal tender status.

“Virtual currency is different from fiat currency (also known as real currency, real money or national currency) which is the coin or paper money of a country that is designated as its legal tender. Virtual currency is also not the same as e-money, which is used to electronically represent and transfer value denominated in fiat currency,” he said.

He said virtual currencies were attractive to money launderers and other criminals because of the supposed anonymity and ease with which transactions could be conducted—on the internet and across borders.



Zimbabwe president urges Zimbabweans in diaspora to return home

CAPE TOWN Zimbabwe (Xinhua) -- Visiting Zimbabwe’s President Emmerson Mnangagwa on Thursday urged his countrymen residing abroad to return home following the resignation of former President Robert Mugabe.

It’s time for Zimbabwean nationals in the diaspora to return home, Mnangagwa told a crowd of Zimbabweans in Pretoria during a visit to South Africa.

Millions of Zimbabweans fled to foreign countries, most of them to South Africa, during Mugabe’s 37-year rule.

Mnangagwa said Zimbabwean nationals living in South Africa should return home and put the skills that they have acquired in the neighboring country to great use in the rebuilding of the Zimbabwean economy and development of their motherland.

“I appeal to you to come to Zimbabwe ... Zimbabwe is your home,” he said, adding that from now on Zimbabwe is now open for business.

He urged his countryment to let bygones be bygones and look in the future with hope.

Mnangagwa thanked his South African counterpart Jacob Zuma for the warmth and hospitality provided to Zimbabweans living in South Africa.

Earlier on Thursday, Mnangagwa met with Zuma and both leaders pledged to strengthen economic trade and cooperation between the two countries.

Mnangagwa was on his first working visit to South Africa, which was also his first official visit outside of Zimbabwe since his assumption of office on November 24, 2017

The two presidents emphasized the warm historical relations between the two countries and the need to ensure the further deepening of these relations, South African presidential spokesperson Bongani Ngqulunga said.

The two heads of state agreed on the need to strengthen economic cooperation and expand economic and trade relations between the two countries, and to make this a key feature of the cooperation agenda, in support of Mnangagwa’s mission to revive the Zimbabwean economy, said Ngqulunga.

The Zimbabwean economy has been hard hit by sanctions imposed by Western countries and other challenges over many years.

According to the Zimbabwe’s embassy in South Africa, the main purpose of Mnangagwa’s visit was to attract investments from South Africa.

South Africa and Zimbabwe enjoy cordial bilateral relations underpinned by strong historical and political bonds that date back to the era of the liberation struggle.

The two countries have convened their Bi-National Commission (BNC) meeting every year since 2015. The BNC is co-chaired by the two heads of state.

The previous session of the BNC was held on October 3,2017, with the participation of Mugabe, who was deposed not long after he returned home.

South Africa and Zimbabwe have signed over 40 memoranda of understanding and agreements, covering wide aspects including security, energy, agriculture, mining, infrastructure development, trade, transport and arts and culture.

Trade between the two countries has seen exponential growth over the years with Zimbabwe being one of South Africa’ s top five trading partners in the region and the continent.

South African exports to Zimbabwe in 2016 were worth 29.3 billion rand (about 231 million U.S. dollars), official statistics show.


Zimbabwean minister appointed acting president
as Mnangagwa visits South Africa

HARARE Zimbabwe  (Xinhua) -- A cabinet minister was named acting president as Zimbabwe’s Emmerson Mnangagwa left for South Africa on a working visit.

Yet to appoint his two deputies, Mnangagwa on Thursday left Minister of Environment, Water and Climate Oppah Muchinguri-Kashiri as acting president.

Muchinguri-Kashiri is currently the most senior member of the ruling Zanu-PF’s Politburo where she was recently appointed national chairperson.

This is Mnangagwa’s first visit outside the country as head of state following his inauguration in November when he took over from former President Robert Mugabe.

He is expected to hold talks with President Jacob Zuma and attend a business conference to be hosted by the Zimbabwean embassy in South Africa.

The South African government said the two presidents would discuss various bilateral issues.

“During the courtesy call, the two heads of state will share perspectives on various issues of mutual importance, such as regional, continental and international developments,” the South African Presidency said.

South Africa is Zimbabwe’s biggest trading partner and the two countries have signed over 40 cooperation agreements under their Bi-National Commission early this year.


First white Zimbabwean farmer to return praises change in government attitude


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