Copy link
Increase text size
Decrease text size
Link copied

Zimbabwe to work on a regulatory sandbox for cryptocurrency

Image by Terry Feuerborn from Flickr

Wed, 18 Mar 2020, 00:46 am UTC

Zimbabwe is returning to cryptocurrency.

The Reserve Bank of Zimbabwe (RBZ) is working on a regulatory sandbox for cryptocurrency companies in the country. A representative from the bank said at a conference, Cointelegraph reported citing the local newspaper Chronicle.

RBZ’s deputy director for financial markets and national payment systems, Josephat Mutepfa, confirmed that the central bank is working on a regulatory framework that would enable companies involving cryptocurrencies to go through a special regulatory sandbox. The sandbox will help the bank decide if the company should be given a green light to operate independently.

“Once you enter the sandbox you either exist as a bonafide product to enter the market or you are guided to say that you need to partner a bank, a mobile money platform or your product needs to be licensed like a microfinance company,” Musephat said at the Sound Prosperity Economic Forum in Bulawayo.

The country decided to regulate cryptocurrencies due to its growing popularity with the younger generations who are “facing challenges of having capital.” However, he acknowledges that digital currencies also pose a regulatory challenge because currency “was a prerogative of central banks.”

Zimbabwe has a history of hyperinflation with its currency Zimbabwean dollar. It went through three redenominations to remove the excess zeros since its introduction in 1980.

In 2009, the currency was removed and the country became a nation sans its own fiat money. At the time, it used a combination of several foreign currencies like the South African rand and U.S. dollar instead. After 10 years, in 2019, it started to establish its own national currency again. However, the process wasn’t smooth sailing because according to a local tourist guidance website, obtaining physical Zimbabwe dollars is very challenging.

Meanwhile, the Bank of England is still undecided whether it releases central bank digital currencies or not. At present, the central bank is still weighing the pros and cons, but it acknowledges the fact that digital currencies could support a more resilient payment landscape and make payments fast, efficient and reliable for businesses and households.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.27 05:02:34
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all ......................................................................................................................
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,874.60 (+0.88%)
  • Ethereum (ETH) $395.87 (+0.66%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $301.69 (-0.37%)
  • Chainlink (LINK) $13.18 (-3.74%)
  • Bitcoin (BTC) $11,874.60 (+0.88%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft