Crypto Operations on Zimbabwe Stock Exchange Subject to Regulatory Approval

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • CEO of the Zimbabwe Stock Exchange, Justin Bgoni has already announced that the Zimbabwe Stock Exchange exchange is open for listing cryptocurrencies
  • Recent announcements by ZSE doesn’t contain the information of the necessary actions that must be taken by an issuer to get his token listed in their exchange
  • A financial services lawyer and blockchain enthusiast has commented that although ZSE was positive about the crypto listing but had they also mentioned the uncertainty related to the regulatory authority

The Zimbabwe Stock Exchange (ZSE) has recently announced that the cryptocurrency listing on its subsidiary exchange, Victoria Falls Stock Exchange(VFSE) is still subject to approval from the regulatory authority. The CEO of the Zimbabwe Stock Exchange, Justin Bgoni has already announced that the Zimbabwe Stock Exchange exchange is open for listing other bitcoin and other cryptocurrencies, however, in his personal opinion, Victoria Falls Stock Exchange serves better for this purpose. 

Recently, the Interchangeable Cables on the VFSE had to Leave the Exchange Following Complications

Cryptocurrency is gaining popularity among the people of Zimbabwe with Bitcoin being the most popular cryptocurrency. Hence, ZSE is doing best to work on the launch of the forex bourse, the VFSE to facilitate a better crypto trading experience in the country. The trading operations on the exchange were expected to begin soon with three interchangeable counters namely : PPC, Old Mutual and Seed Co International. However the three companies were forcefully exited after an investigation revealed that the exchange rates were determined from the dual-listed shares prices of ZSE and other similar exchanges. This could possibly lead to speculation of the leading indicators. 

No Official Notice From the SECZ, the Competent Authority

However, the recent announcements by ZSE doesn’t contain the information of the necessary actions that must be taken by an issuer to get his token listed in their exchange. In addition, the crypto traders in Zimbabwe are still unsure about the announcement as it does not come directly from any regulatory authority. The Securities and Exchange Commission of Zimbabwe (SECZ) are in charge of supervising any such activities, but no official notification has been circulated on their part which causes suspicion among the users. 

Uncertainty in Zimbabwean Government’s Point of Views on Cryptocurrency

Prosper Mwedzi, a financial services lawyer and blockchain enthusiast has commented that although ZSE was positive about the crypto listing but had they also mentioned the uncertainty related to the regulatory authority. He also mentioned that currently the Zimbabwean government is working on a Fintech policy however there are no signs of a crypto policy. Moreover, SECZ has not declared or presented their point of views regarding cryptocurrencies which still remains a big question mark. 

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