Due to the negative attitude of the Reserve Bank of Zimbabwe (RBZ) to this issue, many cryptocurrency businesses left Zimbabwe. At the end of last year, we wrote that a high-ranking representative of the Central Bank of Zimbabwe announced the illegality of the use of bitcoin and promised not to allow its trading in the country’s financial market. Six months have passed. Now the RBZ intends to return to this issue and study the blockchain technology and its capabilities. The head of the Reserve Bank of Zimbabwe John Mangudya at the Alpha Media Holdings Banks and Banking conference in Harare said that the regulator would study the technology regarding the possibility of its implementation on the model of other countries’ central banks. Before Zimbabwe had a prohibition “We are against those things that cannot be regulated”. Now, according to the regulator, it is no longer possible to ignore this new phenomenon. Zimbabwe is an example of a country that, when facing with a new technology, has taken the first measure that comes to mind when you don’t understand the essence – to ban. Because of this, for example, the cryptocurrency exchange Golix decided to move outside Zimbabwe. How much time it will take the Central Bank of Zimbabwe to study the blockchain technology and cryptocurrencies is not specified. |
