The High Court of Zimbabwe has lifted a ban on cryptocurrencies in the Southern African country. This follows a lawsuit that was filed by a local cryptocurrency exchange which argued that the Reserve Bank of Zimbabwe did not have any authority to declare cryptocurrencies illegal.
On the 12th of May, Zimbabwe’s financial services regulator, the Reserve Bank of Zimbabwe (RBZ), issued a directive to all financial institutions to stop all forms of transactions related to cryptocurrencies and to wind down all accounts tied to cryptocurrencies within 60 days. This was followed a few days later by an order to all cryptocurrency exchanges in the country to shut down their operations.
Zimbabwe’s largest cryptocurrency exchange, Golix, submitted an urgent High Court challenge contesting the RBZ’s actions. Through its lawyers, Golix argued that, as a regulator, the RBZ was not authorized to place any prohibition on cryptocurrencies.
Despite Zimbabweans’ significant interest in virtual currencies, they are not recognized as official, legal tender in the country, and there has also been no legal and regulatory framework set up for cryptocurrencies. The suit filed against the RBZ’s decision also challenged the regulator’ …
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