Zimbabwe bank sued for banning crypto

[Johnboaze]

The reserved bank of Zimbabwe (RBZ) has been sued by cryptocurrency exchange in African country following the RBZ’s recent order to all registered financial institutions to stop all forms of cryptocurrency trading. The central bank also instructed cryptocurrency exchanges to shut down their operations. The largest cryptocurrency exchange in Zimbabwe; Golix, submitted a High Court challenge stating that the RBZ does not have any authority to declare cryptocurrencies illegal

[benthach]

Any links? Also these Africa countries would be better of as their money is useless

[archeafae]

They just want to have some piece of the action (er profits). The exchange should have given them some then they can just be in mutual favors. The exchange will need the bank anyway.

[cryptoman512]

The reserved bank of Zimbabwe (RBZ) has been sued by cryptocurrency exchange in African country following the RBZ’s recent order to all registered financial institutions to stop all forms of cryptocurrency trading. The central bank also instructed cryptocurrency exchanges to shut down their operations. The largest cryptocurrency exchange in Zimbabwe; Golix, submitted a High Court challenge stating that the RBZ does not have any authority to declare cryptocurrencies illegal

Oh my, Zimbabwe has always financial, monetary and banking problem. Last time I heard from this country you need to buy a loaf of bread for a million zimbabwe dollars then they remove the power of their native currency as legal tender due to hyper inflation. Do you have any news link that I could read? I am interested to know more what's going on.

[sourish]

First India now Africa. More and more there seems to be a pattern all over the world, of desultory interim measures sent out as feelers or buying time by regulatory authorities, and wary but firm resistance by crypto investors.

[sirengutou]

What party is the ruling party in Zimbabwe? I think their national leaders may have problems. The password currency is actually more suitable for countries with relatively backward economies. This is their chance to rise. They did not consider their own citizens, so I guess this is a very dictatorial country.

[caisa88]

Zimbabwe is the country where the inflation has gone crazy high in the lasy years. They used to need bags of money of their local currency when they wanted to go shopping because of this high inflation. So this is the country that i least expected to ban the use of crypto, because they really need an alternative to their currency.

[etin06]

The Central Bank of any country determined what is legal and what is illegal based on the overall interest of the country. If they said it's illegal in their country the cryptocurrency exchange should move to other countries where it's either legal or nothing has been said about crypto currency legality.  Am sure few years from now the Zimbabwean government will be begging for crypto currency exchanges to come to their country.

[UsernameBitcoin]

Zimbabwe is a country that has been trying to fight massive inflation for years and if you look at it then cryptocurrencies would actually be a good way for them to combat this problem so the cryptocurrency ban does not even make sense seeing as it is doing more good than harm. I am rooting for the cryptocurrency exchange to win this lawsuit, people should have the right to trade in cryptos.

[bartolo]

The central bank of a country rarely acts contrary to the criteria of the government of that country. Therefore, even if the court rules in favor of the exchange, the government will surely draw up a law in which it will back the decision made by the central bank. The exchanges can only do two things, move out or wait for better times.

[npfyieke]

I heard that people like bitcoin very much in Zimbabwe because the Fiat of this country has collapsed. I think this is the reason why the government has banned it, because people no longer believe in the government of this country.