The Reserve Bank of Zimbabwe banned trading in bitcoin in 2018. However, holding of bitcoin is not prohibited.
Timeline.
1. Three exchanges, Golix, Sty24 and Dala crypto were active exchanges in Zimbabwe in between 2015 and 2018.
2. After they were banned in 2018, Golix took the RBZ to court, but inexplicably withdrew their court case on 5 August 2019.
4. Cryptogem – A new peer to peer crypto trading platform was launched in 2019. It is not clear if they are still operating
Conclusion
1. The RBZ does not have adequate understanding of Bitcoin and its value in an economy like Zimbabwe.
2. Zimbabweans are losing more value trading in the official currency, while Bitcoin has gone up by over 400% during the period after the ban.
3. The Zimbabwe government is losing out on tax from crypto trading.
4. The RBZ should allow exchanges to operate in Zimbabwe as this affords more protection to the public while giving them another asset class to trade in.
5. The Zimbabwe government should formulate a policy of accumulating Bitcoin.
Please watch the video above this post for more details.
circular-to-banking-institutions----operations-of-cryptocurrency-exchanges-----11-may-2019See below the second statement from the RBZ
PRESS STATEMENT ON WARNING AGAINST TRADING IN CRYPTOCURRENCIES - 11 May 2019Seen below Golix’s court papers against the RBZ
Urgent-Chamber-Application-Golix-vs-RBZ_21May2018
