Recently, the Reserve Bank of Zimbabwe issued out a directive to all financial institutions in Zimbabwe instructing them to cease offering any services to entities (or individual) trading in cryptocurrencies.
Golix, the largest cryptocurrency exchange in Zimbabwe is amongst the many companies in Zimbabwe to be affected by this directive. Below is a statement from the Golix team which addresses its clients concerning the cryptocurrency ban.
Since September 2015, golix.com has provided a platform for Zimbabweans to buy and/or sell cryptocurrencies. In addition, it provided an opportunity for Zimbabweans to explore the ever-expanding blockchain technology space. Many have come to rely on our service, and we have endeavored to provide the best class service at all times.
On Friday (11 May 2018), the Reserve Bank of Zimbabwe issued a statement to all banks instructing them to stop providing bank accounts to cryptocurrency companies within the next sixty days. This means that unless the central bank changes its position prior to the expiry of the sixty-day window, you will not be able to send or receive fiat currencies for cryptocurrency trades.
We understand what the RBZ is trying to accomplish. Indeed, like other forms of money, cryptocurrencies come with risks. As an exchange, we always educated our valued clients on these issues and operated in line with global best practice. We also know that the only way for a regulator to completely mitigate these risks is through regulated centralised exchanges.
We think that blockchain technology will transform the financial marketspace for many years to come, and Africa should not be left behind. We also think that as we explore this space, it is important to work and engage with all stakeholders, including regulators. Our team will do the best it can to reach out to both our banking partners and to the Central Bank to address their concerns. We remain committed to the space and to doing the right thing for our customers. We will send you an update as soon as we have more information.
The Golix Team