May 2018 proved to be a crazy month in the cryptocurrency world. Cryptocurrencies went from ‘allowed’ to ‘banned’ and back to ‘allowed’ all in the space of 12 days.
Governor John Mangudya and his friends at the Reserve Bank of Zimbabwe (RBZ) overstepped their authority and issued a directive banning the trading of cryptocurrencies. They went further and ordered Golix, the biggest cryptocurrency exchange in Zimbabwe to close shop.
Golix responded by taking the RBZ to court and the RBZ could not show up to argue its case. VaMangudya and friends knew they would be embarrassed in court as they had no law to stand on. The High Court had no choice but to reverse the ban and allow Golix to resume trading.
It was a sweet victory but it was just one battle. The war has not been won yet because while the RBZ’s unlawful ban was suspended, there still isn’t any law governing cryptocurrencies. This means there still is the chance, God forbid, that legislators decide to follow the RBZ’s thinking and officially make cryptocurrencies illegal.
That would be a shame because we are seeing a lot of innovative solutions that utilise cryptocurrencies to solve various challenges we face in Zimbabwe. There are affordable remittance solutions, debt factoring solutions and many more out there that could be doomed if cryptos are banned. The loser will be the average Zimbabwean who will have to pay exorbitant remittance charges for example.
So how do we make sure the law-makers do the right thing? There are about 439 ways to skin a cat but today we present one.
Vic Falls Coin which has launched a petition to the Zimbabwean parliament to regulate cryptocurrencies rather than ban them as the RBZ would want. The call is for the law-makers to liaise with those in the blockchain and cryptocurrency business to understand the new technology before deciding on how to regulate.
You can go and sign the petition and make your voice be heard. Click on the link below to get in on the action.
Zimbabwean Parliament should regulate instead of banning cryptocurrencies
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9 comments
This is a great idea. Lets encourage people to sign this petition
Jamie Dimon, the chief executive of JPMorgan, one of the world’s largest investment banks, declared that he would fire any employee trading in bitcoin for being stupid.
Jamie Dimon is just afraid. He has looked the blockchain monster in the eye and realised that it has the potential to render the industry he operates in useless. You do know that banks create more money than central banks right? Cryptocurrencies take that power from the banks and Jamie is not having it. He is right to be afraid and his comments should be taken with that in context.
Getting very exciting but what is needed is a combined effort to solve this puzzle once for all if the country is to benefit from the cryptocurrency revolution. This petition sounds okay but will it gather the much needed support??
This is a big move that needs all players involved and sitting and hoping to see the numbers signing the petition will not bring the much wanted results. However those who can go and sign, those who can’t encourage others to do so.
Cryptovurrencies are the way to go, they might not end the cash crisis but can improve our financial systems. Have you read my report on Bitcoin and cryptocurrencies yet? go to http://www.bitcryptoguide.blogspot.com or checkout my twitter @Bitcoinguide2
I agree with you that the petition is not enough on its own but if we cannot wait until all the players sit together. Who knows who such kinds of petitions will influence. It could accelerate the process you mentioned.
Getting very exciting but what is needed is a combined effort to solve this puzzle once for all if the country is to benefit from the cryptocurrency revolution. This petition sounds okay but will it gather the much needed support??
This is a big move that needs all players involved and sitting and hoping to see the numbers signing the petition will not bring the much wanted results. However those who can go and sign, those who can’t encourage others to do so.
Cryptocurrencies are the way to go, they might not end the cash crisis but can improve our financial systems. Have you read my report on Bitcoin and cryptocurrencies yet? go to http://www.bitcryptoguide.blogspot.com or checkout my twitter @Bitcoinguide2
Its like banning marijuana coz everyone is doing it, until everyone starts regulating the industry coz it makes so much more money when in the formal channel than when it is outright banned. If Zimbabwean regulators bans this space, they will surely be late for the party as they always are. Let innovation flourish in Zim. Regulate dont discriminate.
Regulate, don’t discriminate. I like that. Why can’t we lead for once in our nation’s 37 year history.
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