Back

Zimbabwe’s High Court Lifts Ban on Cryptocurrencies

News
Thu, 05/24/2018 - 19:32
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Harare High Court lifts a ban on cryptocurrency trading imposed by the Reserve Bank of Zimbabwe

Cover image via U.Today

Bitcoin and other crypto investors in Zimbabwe can now trade cryptocurrencies on the Golix exchange after the high court lifted a ban on cryptocurrencies Thursday, CCN reports.

The Reserve Bank of Zimbabwe (RBZ) placed a stop on all offering services to cryptocurrency exchanges earlier this month. However, a default ruling by the Harare High Court lifted the ban after officials from RBZ did not appear for a case filed by Golix, Zimbabwe’s cryptocurrency exchange seeking a reversal of the ban.

Golix officials confirmed that John Mangudya, governor of the Reserve Bank of Zimbabwe who was instrumental in imposing the ban, was not present for court proceedings.

Mangudya, who initially opposed the use of cryptocurrencies said that the nature of the transactions made them a “choice for money launderers and criminals.”  

Mangudya added:

“The central bank has not licensed anyone to trade in virtual currencies and dealers and investors do not have the protection of the law.”

Golix, is one of two exchanges forced to stop operations after the central bank issued an order instructing them to cease its activities on May 15.

In a letter dated May 15, Norman Mataruke, RBZ registrar, wrote:

“All cryptocurrency exchange houses operating in the country, including Bitfinance (Private) Limited (also known as Golix), are required to cease all virtual currency exchange operations.”

Golix officials have confirmed that the exchange has now reopened operations and retaking orders.

card

The news was welcomed by crypto investors since digital currencies had protected them from losing value in bank deposits.

Golix is one of two trading platforms in Zimbabwe and also runs a Bitcoin ATM in central Harare.

About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.

Recommended articles
Russia and China Want to Stop Their People from Buying Bitcoin: Investor Marius Landman

Russia and China Want to Stop Their People from Buying Bitcoin: Investor Marius Landman

Ripple CEO Brad Garlinghouse Encourages U.S. Regulators to Embrace Crypto Industry

Ripple CEO Brad Garlinghouse Encourages U.S. Regulators to Embrace Crypto Industry

‘Freedom!’ Indian Crypto Startups Say as RBI Removes Banking Barriers for Them

‘Freedom!’ Indian Crypto Startups Say as RBI Removes Banking Barriers for Them