In a recent press report, it was stated that the "Victoria Falls" stock exchange, which is based in the African country, "Zimbabwe", has opened its doors to the inclusion of licensed cryptocurrencies.
According to local media , the report does not provide any details of the requirements that issuers of the cryptocurrency must meet in order for their digital currencies to be listed for trading on the exchange.
In addition, some in Zimbabwe's small cryptocurrency community are still skeptical about the ad, especially because it does not come from a government regulator.
Others say the statement is attributed to the CEO of Victoria Falls, and reveals the limited understanding of decentralized cryptocurrencies such as Bitcoin.
Mr. Prosper Moydse, a financial services attorney and a lover of blockchain technology, commented on the recent announcement from the stock exchange by saying:
I think it's positive that they are talking about it.
But they said it was subject to regulatory permission.
Currently, the Reserve Bank of Zimbabwe (RBZ) has a policy of adopting fintech but not a policy of adopting crypto.
According to Moydzi, stock exchanges are the jurisdiction of the Securities and Exchange Commission of Zimbabwe (SECZ).
Moydzi also adds:
They haven't told anything yet about how they viewed cryptocurrencies.
Zimbabwe has yet to follow the path taken by other African countries such as Nigeria, which recently classified cryptocurrencies as securities.
In 2018, Zimbabwe's central bank issued a notice advising Zimbabweans to steer clear of risky cryptocurrencies.
During the same year, the Central Bank imposed the closure of "Golix", which was the largest cryptocurrency exchange in the country at the time.
But since late 2019, the Zimbabwean central bank has been carefully releasing data that appears to show the opposite stance on cryptocurrencies and other emerging financial technologies.
However, this data did not lead to amendments or changes to the relevant regulations.
Moydzi points out that the stock exchange that announced the news kicked the ball in the SECZ court, and this now depends on the authority’s reaction and whether they agree to what has been announced or not.
In conclusion, it remains to be seen whether the statement issued by the CEO of the Zimbabwe Stock Exchange will push the regulators in Zimbabwe to learn more about cryptocurrencies.
