Tag: rbz

RBZ Governor: Zim Central Bank Open To Investigating Blockchain Solutions

In a positive and unexpected turn of events, the Governor of the central bank of Zimbabwe, John Mangudya, indicated that the Reserve Bank is ready to investigate blockchain technology. This is a surprise considering that the central bank banned cryptos back in May. Speaking at the Alpha Media Holdings’ Banks and Banking breakfast meeting yesterday […]

POTRAZ Looking Into EcoCash ‘Technical Challenges’

The Telecommunications Industry regulator, POTRAZ, has reportedly engaged Econet to seek clarification over the breakdown of their mobile money platform. EcoCash started working again yesterday afternoon after facing “technical challenges” since Monday. POTRAZ were not too pleased… The Director General of POTRAZ, Dr Gift Machengete, said: Our concern is with the consumers getting served properly. […]

RBZ Dismisses Circulating Article About Re-Introduction Of The Zimbabwe Dollar Next Week, Calls It “False And Malicious”

The Reserve Bank of Zimbabwe has issued a press statement dismissing a ‘fake article’ talking about the reintroduction of Zimbabwe Dollar (Zim Dollar) as the country’s local currency as from July the 9th. The ‘fake article’, alleged to be signed by Finance and Economic Planning Deputy Minister Terrence Mukupe is being circulated on various social media platforms. […]

Golix Hosting “Ask Me Anything” Session On Reddit Until Tommorow Morning

Last night at 11 PM, Golix sent out a press release announcing that they would be hosting a Q&A session on reddit and the Q&A started at 7:30 AM this morning. Those interested just need to sign up or login on Golix’s subreddit and you can begin asking away. The Q&A will go on for […]

South African Central Bank Tested Bank-To-Bank Payments Using Cryptocurrency

The South African Reserve Bank (SARB) recently concluded Project Khoka – which saw 8 banks test an interbank payment platform. The platform was based on Etheruem and the banks involved were: SARB Absa Capitec Discovery Investec FirstRand Nedbank Standard Bank How did it work? The current platform the SARB is using to settle real-time gross […]

Suspected Card Cloners Arrested Including Chiyangwa’s Nephew

It seems cases of card cloning are on the rise. Three months into the year, debit card holders had already lost $200 000 to perpetrators of bank card cloning. Now it’s being reported Philip Chiyangwa’s nephew –Mike Harris Chiyangwa- was arrested (for the third time) on allegations of cloning people’s bank cards. Mike Harris Chiyangwa […]

Mobile & USSD-Based Transaction Charges Getting Significant Slash

Today, POTRAZ made some announcements at their Long-Term Average Incremental Cost (LRIC) and one of the most interesting was the 60% slash on out-of-bundle tariffs. Another major change to look forward to is the slashing of costs per USSD session for banking cost. The USSD Charges threshold shall be reduced from the current 12.5c a […]

Banned Crypto Exchange, Golix, Fails To Give Customers Cryptos, Fiat

It must be hard being a Golix customer right now. On the 29th of May, Golix promised customers they would start processing their withdrawals the following week. Tomorrow it will be exactly 3 weeks since that promise was made but unfortunately nothing resembling a fiat withdrawal is yet to be processed. Rubbing salt on the […]

It’s Tough Doing Business In Zimbabwe; The Story Of A Crypto Exchange

Be warned, this story will make you angry. We have been told time and time again that Zimbabwe is for sale open for business. This story will highlight just how empty that statement is, or at the very least get you asking just to whom (who?) is Zimbabwe open. Tatenda Mabungu Tatenda Mabungu is one […]

Golix Advises Customers To Withdraw Their Money And Cryptos

Golix has finally released an update to customers and in their email, Golix addressed a few of the issues currently plaguing them. You can read the email they sent to customers below: Dear Valued Customer  A lot has been happening at Golix between the last communication we sent to you on 15 May 2018 and […]

Customers Left Confused By Golix’s Silence During Crisis

The month of May has been a rollercoaster for Zimbabwe’s most popular crypto exchange, Golix. At the beginning of the month, Golix were putting together plans for ICO which would have helped them to launch their own GLX token. These plans were halted when the central bank decided to ban cryptos. The ban was overturned […]

Petition To Zimbabwean Parliament To Regulate And Not Ban Cryptocurrencies Launched

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 […]

Crypto’s Are Not Currency But Tokens: SA Central Bank

Cryptocurrencies are quite confusing, to be honest. It seems very few people fully understand cryptos and those who do are usually unable to fully explain how the digital currencies work to the general populace. Is South Africa back-tracking? South Africa which has long been considered one of the pioneers in Africa when it comes to […]

This Startup Is Trying To Tackle Zimbabwe’s Cash Crisis

If you’ve been living in Zimbabwe over the past few years or even just visited there is one thing that resonates throughout the country. We are a digital economy. This is not by design but actually a result of other issues that I would rather not remind fellow Zimbabweans. Anyway, because of the cashless nature […]

BREAKING: Court Says Cryptocurrency Exchange Golix Can Resume Trading, Reserve Bank Directive Suspended

As you all know the Reserve Bank of Zimbabwe issued a directive instructing banks not to facilitate any cryptocurrency related transactions. They also strongly warned the public not to deal in cryptocurrencies. Further, the Reserve Bank wrote to Golix, Zimbabwe’s first and biggest cryptocurrency exchange instructing them to wind up operations. Golix then went to […]

Golix  Temporarily Takes Down Crypto Exchange As Court Case Kickoffs Later Today

Zimbabwe’s most popular cryptocurrency exchange, Golix, has issued a statement saying they will be shutting down their “exchange’s Orderbook.” The cryptic statement they sent to their customers read: Dear valued customer. Please note that we have temporarily taken down the exchange’s Orderbook. Any developments related to this matter will be frequently updated. We sincerely apologise […]

Zimbabwe’s Central Bank Orders Crypto Exchange Shut Down

Earlier we reported that some banks had shut down Golix’s accounts and we can now confirm that last week Tuesday RBZ sent a directive to Golix instructing them to cease all operations in relation to virtual currency exchange. For Golix, when it rains it pours. The past week has just been a never-ending storm for […]

Banks Close Down Golix Accounts

Earlier this month, the Reserve Bank of Zimbabwe instructed banks to stop holding accounts for cryptocurrency exchanges and to stop facilitating transfer of cryptos. The central bank gave the banks 60 days to halt activities but it seems the grip has been tightened as it now seems some of Golix’s bank accounts have already been […]

Golix Suspends ICO: Why Did They Go Forward With It In The First Place?

In what will come as good news to the RBZ; Golix has suspended their ICO. They sent out a statement apologising for the inconvenience. You can read the statement below: On Saturday 12 May 2018, we announced that we will be doing a tokensale. This announcement was a mistake on our part, as it happened […]

The Fate Of Some Zimbabwean Companies And Projects After The Central Bank Bans Cryptocurrencies

The RBZ decided that they would wash their hands when it comes to cryptos. The central bank sent a directive to banks instructing them to cut all their ties with crypto exchanges and this may have grave consequences in the long run. As a nation, we had a serious opportunity to adopt a technology whilst […]

BREAKING: Despite Ban Of Bitcoin Trading By RBZ, Golix Launches Their Own Token: GLX Token

Coming off the RBZ’s recent directive instructing financial institutions to refrain from dealing with Cryptos, Golix, Zimbabwe’s first and biggest cryptocurrency exchange is soldiering on and has announced that they have launched their very own token (crypto) i.e. GLX Token. Whether or not the RBZ’s stance is a good move is subject to debate but it […]

Reserve Bank of Zimbabwe Bans Cryptocurrency Trading. Banks Given 60 days To Comply (Full Statement)

The Reserve Bank of Zimbabwe has issued a directive to Zimbabwean financial institutions prohibiting them from working with Cryptocurrency exchanges or holding any accounts of people trading in cryptos. The central bank has given financial institutions 60 days to end their existing relationships with crypto-currency exchanges. Here’s the full circular issued on 11 May 2018: […]

RBZ Bans Bitcoin And Other Virtual Currencies In Zimbabwe

The central bank of Zimbabwe, RBZ, has placed a ban given a directive to banks and financial institutions to stop processing transactions to do with Cryptos. The measures are apparently being taken to “protect the public and safeguard the integrity, safety and soundness of the country’s financial system.” The ban applies to all financial instituions. The […]

Afreximbank To Loan $1.5b To Zimbabwe And Provide Guarantees To Foreign Investors

The African Export Import Bank (Afreximbank) said they will avail a loan to the tune of $1.5 billion to Zimbabwe to assist with the economic recovery process. The president and chairman of Afreximbank Okey Oramah visited president Mnangagwa here in Harare. The bank pledged to continue to support Zimbabwe as they have even when the country […]

Externalisation: How Big Companies Contributed To The Cash Crisis

It has been revealed that over $3 billion was externalised from Zimbabwe from 2015 to June 2017. Now if you consider that Zimbabwe’s GDP was just over $16 billion for both 2015 and 2016, a total of about $32 billion, the $3 looks significant. It’s almost 10% of the GDP in that period. Just how […]

Could It Be We Missed That Bond Notes Actually Served Their Purpose?

Before you light your torches to burn me alive, I am well aware of the current situation as regards bond notes. Ever since their introduction at 1:1 with the USD, bond notes have been on a steady decline. Granted that decline has reversed since President Mnangagwa took office. I know that some saw the bond […]

RBZ Says Bitcoin Is Not Legal…

For some time now Techzim has wondered whether Bitcoin is legal or not. In fact, a number of people from in and out of the country have contacted us and enquired. Our standard response has been that the Reserve Bank of Zimbabwe (RBZ) has been lax towards regulating the cryptocurrency and our assumption has been […]

How A New Zimbabwe Can Deal With The Cash Crisis

There has been a cash crisis in Zimbabwe for years now. The Reserve Bank of Zimbabwe which initially denied that was the case was forced to acknowledge the crisis as queues at banks refused to go away despite the central bank’s best efforts. With the central bank acknowledging the cash crisis they had to give […]

$11 Billion Processed On Mobile Platforms In Nine Months

Okay, we knew Zimbabwe went mobile when it comes to processing payments but $11 billion? In the time it takes for a child to be born? That is impressive. The figures come from the Reserve Bank of Zimbabwe (RBZ) and relate to the nine months from January to September 2017. In that time 485 million […]

iPhone X Coming To Zimbabwe. Get Your Kidneys Ready…

Apple iPhones have been known to cost an arm and a leg in Zimbabwe. When the price of the iPhone X was gained by Techzim recently, after picking ourselves up from the floor, we realised that maybe, just maybe, this was a phone not for us. Scheduled to launch on 3 November, 2017 around the […]