Reserve Bank of Zimbabwe Makes a U-Turn to Regulate Crypto in The Country
Back in 2018, the Reserve Bank of Zimbabwe (RBZ) had banned banks from processing crypto payments. But today, the bank has made a U-turn on cryptocurrency and is now preparing to implement new crypto regulations in the country.
Josephat Mutepfa is the deputy director of financial markets and national payment systems at the country’s central bank. Speaking in Bulawayo during a Sound Prosperity Economic Forum on Friday, Mutepfa mentioned that Zimbabwe has already began to develop a fintech framework because, in regulation, everything should be structured.
He added that, the framework, which is a regulatory sandbox, will be assessing how the crypto startups in Zimbabwe operate. According to Mutepfa, the sandbox will be an experimenting zone. He claims once launched, there will be an application criterion, which will also act in the same capacity as the sandbox.
The deputy director also noted that the fintech sphere has faced a challenge of capitalization of the crypto market, which has necessitated the need to establish the sandbox. He said the crypto market is largely tapped by millennials and in most cases, have difficulties in raising capital.
Featured image courtesy of Shutterstock. Source: Cryptopress.