ZSE CEO expressed interest in adopting blockchain technology with the only hold-up being the RBZ’s hostile approach towards cryptocurrencies.
Justin Bgoni said he would like to see more clarity regarding the “money side” i.e cryptos before the ZSE implements blockchain in whatever form they want:
Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good.
Justin Bgoni – ZSE CEO
I’m not sure what more clarity the ZSE CEO wants as the central bank outright banned Crypto’s – a move that instantly Thanos-finger snapped Golix out of business last year. Maybe this is the ZSE CEO diplomatically calling for a change of outlook from the RBZ.
Why is ZSE interested in blockchain?
Well Mr Bgoni commented on why he is a fan of the technology and it’s not only crypto-related but more about how the technology works at its core:
Each transaction, you can see who owns it so it is easy to audit it that is why people like it, is easy to verify it, it is transparent and takes away fraud, that part of the technology you can see everything and it makes sense, it is definitely an area that ZSE can explore.
Justin Bgoni – ZSE CEO
Per the Chronicle, ZSE is looking to use this technology in introducing blockchain-based new products and services such as real estate investment trust securities (REITS), mineral commodities exchange and exchange-traded funds (ETFs) as key to expanding the market into a vibrant exchange.
2 comments
1.Blockchain is not just the use of cypto currency.They can still use blockchain technology for other things eg. especially on the document management side.So i do not see why they need RBZ approval to manage their operations using blockchain.The money part can follow later.
2.With reference to cypro currency i dont think RBZ is the only hold up . . . there are also other factors that need to be considered e.g financial reporting and how to manage dual listed entities ,this in itself is a bigger huddle than the RBZ stance
The ZSE doesn’t need permission from the RBZ to use blockchain technology because the blockchain has various applications that are not cryptocurrency related. But maybe, regardless of this, the politics would be too disruptive for the ZSE.
I’m being petty when I say the following, but the grammar in this article is very poor. And the way in which both representatives from the ZSE & RBZ describe what the blockchain is gives away how little they know on the subject.