We held a Twitter Space breaking down a study that was done by The Zimbabwe Blockchain Technology Think Tank called “Towards Virtual Asset Regulation and Adoption of Blockchain Technology in Zimbabwe’s Context”.
The think tank itself comprised of
- Hon Advocate Fortune Chasi, MP
- Dr Solomon Guramatunhu, MBChB, Opththamology
- Dr Immaculate Motsi-Omoijiade, PHD (she/her) Cryptocurrency
- Prosper Mwedzi, M.Law (Hons), Solicitor (England and Wales) Twitter (@prosmoon)
- Kudzai Mubaiwa, B.Commerce Hons (Banking), Masters (Development Finance)
- Osmas Chiurunge, Software Engineer, B.Computing
- Norman Chimuka (Partner), Chimuka Mafunga Commercial Attorneys
- Tonderai Sena (Associate), Chimuka Mafunga Commercial Attorneys
We were joined in the Space by members of The Zimbabwe Blockchain Technology Think Tank to discuss the study as well as go over the regulatory landscape, pain points for value preservation due to the depreciating Zim dollar and entrepreneurship in Zimbabwe. Below is the recording of the Space for anyone who was unable to be part of it as it happened.
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You can listen to or download the podcast with the link below. Alternatively, you get a copy by sending the message “podcast” to 0717 684 274 on WhatsApp
You can download the study and Prosper Mwedzi’s private Digital Assets and Cryptocurrency Bill with the links below:
Towards Virtual Assets Regulation and Adoption of Blockchain Technologies in Zimbabwe’s Context
Zimbabwe Blockchain Technology and Digital Assets Business Bill
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3 thoughts on “Breaking down cryptos, potential regulation & opportunities in the Zimbabwean context”
I am a firm believer in the idea that our governement should allow the free trading of cryptos. However, I think these guys made flimsy arguments. They don’t address the biggest fear RBZ has around cryptos. RBZ is afraid of people moving money out of Zim. Cryptos allow for easier movement of money. Most of the arguments these guys are making are fanboy arguments where they try to apply cryptos to everything. Not that it’s bad, but not necessarily practical. An example are agric records and birth records. There are other solid ways of safely storing these records that don’t involve the blockchain.
Selective arguments don’t inspire at all. The guy makes an example of Bitcoin as a store of value. How many times has Bitcoin tanked?
In my opinion the only solid argument made was around innovation. We have to allow our people to innovate around Bitcoin.
Trust issues are a major hindrance in the acceptance of new technologies especially if incumbent organisations and managers of such organisations have a disastrous/dubious past. RBZ has a chequered history. The government of the day is happy to constrain rural development at the alter of subservience and “freedom of choice”, which is a basic human right, is absent there. Poverty is endemic and crippling in the rurals and the urban areas do not fare much better. The finance ministry is headed by an individual with a documented, tainted professional past. There are so many contradictions within the government because it is fake and pretends to be everything to everyone. When standing by the roadside generates more money than pursuing a formal career, its a tad too hard to imagine a functioning economy. When officials embezzle millions of US$ (money which can transform lives) and no arrests and convictions follow that, one wonders what then crime is? When briefcase companies win tenders to implement projects which their CEOs can’t even pronounce, let’s stop kidding ourselves. Add arrogance to this mix, absence of shame, pride in ignorance etc we have dystopia staring us in the face. It becomes an academic exercise to imagine progressive innovation in such a scenario. If political leaders cannot guarantee individual freedom of choice, you think they’re gonna be happy to see a successful, secure, private parallel financial system they can’t steal from? I don’t think so.
Blockchain and Cryptocurency technology is the only way to go for a serious nation. Commentators who give personal opinions as if they are the law are mistaken. For example if there are “better ways to maintain records,” why is the dude not sharing such methods? Banning these technologies is delaying Zimbabwe’s progress. The best thing to do is for RBZ to ban the banks not to adopt digital assets but leave the market to innovate using block chain technology. Banning the technology will not work. It helps developers to do it under ground. Many Zimbabweans are deeply involved into crypto space despite the ban. The authorities , who may not necessarily be authorities, should learn to accept that change is the only constant. Crypto is here to stay. It cannot be just Zimbabwe out when the whole world is in. No rocket science required, just simple common sense. Leave the space unregulated while studying the developments. When authorities acquire an appreciation of the technology, start thinking about intelligent regulation.
Blind banning is stale thinking in a digital world. Do not disadvantage your nation in new developments. Its like tying an athlete to a tree, blow the whistle , then expect the tree-tied athlete to win the race. Its sheer madness. Untie Zimbabwe to run the race with the rest of the world.
Blockchain is unstoppable, its the in-thing for progressive Central Banks and development focused nations.