Home africa Zimbabwe Ban Is A Proof that Africa still Hates Cryptocurrency

Zimbabwe Ban Is A Proof that Africa still Hates Cryptocurrency

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Zimbabwean Government recently ban the trading of cryptocurrency in the country. This ban has affected the business of a Cryptocurrency exchange in Zimbabwe called ‘Golix’.

This ban is a proof that African States still hates CryptoCurrency. While others at least are trying to regulate and establish laws to guide crypto dealings, on the other hand African States refused and are still placing ban on CryptoCurrencies.

GOLIX APPEALS

The country’s leading bitcoin exchange, Golix, appealed the decision of the Government or the Reserve Bank of Zimbabwe’s (RBZ). However, despite reports of the Zimbabwe High Court’s reversal of the Reserve Bank of Zimbabwe’s (RBZ) recently issued cryptocurrency ban, the country’s leading bitcoin exchange, Golix, is yet to restore trading on its platform.

In an email recently sent to customers of the exchange, Golix sought to clarify that it has been granted “an interim relief,” that its accounts have not yet been restored, and that legal proceedings are currently still ongoing.

Golix states that on the 11th of May, “the RBZ issue[d] a circular to all the banks instructing them to close all of our bank accounts,” however, a “60-day window” was given to the exchange. On the 15th of May, Golix “issued a statement to [their] customers” informing customers that the company was “aware of the directive” and had “started the process of engaging the RBZ” to discuss and address the central bank’s concerned.

In response, the RBZ “issue[d] a second circular that was addressed to Golix where they instructed Golix to cease all operations immediately” on the 17th of May, with Golix adding that all of their bank accounts had been closed by the following day. On the 21st of May, Golix “file[d] an urgent chamber application at the High Court requesting the ban on Golix to be lifted.”

The exchange states that on the 24th of May, 2018, “the High Court grant[ed] Golix an interim relief that lifts the ban on cryptocurrencies by the Central Bank.” Despite comprising positive news, the exchange states that “The interim relief does not guarantee that we will get our bank accounts reopened.”

Golix emphasized that “the court case is still ongoing,” meaning that the “interim relief is only valid until the outcome of the case is determined in court.”.

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