Zimbabwe Stock Exchange to list Bitcoin and cryptocurrencies

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.
  • It took the exchange 11 years, but might now we can see cryptocurrencies on its platform
  • Gibraltar Stock Exchange announced the addition of cryptos by 3iQ Corp, and then Venezuela announced for the creation of Decentralized Stock Exchange
  • Reserve Bank of Zimbabwe (RBZ) it seemed that they are against of cryptos

Justin Bgoni, CEO of Zimbabwe Stock Exchange (ZSE), revealed that their recently licensed subsidiary (Victoria Falls stock exchange) is now open for listing cryptocurrencies. It took the exchange 11 years, but might now we can see cryptocurrencies on its platform. The government finds Victoria Falls Stock Exchange (VFEX), as a platform to raise fundings for the country’s local firms.

A few days ago, Gibraltar Stock Exchange announced the addition of cryptos by 3iQ Corp, and then Venezuela announced for the creation of Decentralized Stock Exchange. Now the Zimbabwe Stock Exchange (ZSE), is aiming to have its own licensed subsidiary to list cryptocurrencies. Anyways, the listing is fully dependent on the regulator’s

The report remains sceptical

Zimbabwe’s own crypto community is sceptical regarding the news. As the news came from the CEO of the exchange and not the regulators. It is also possible that the executives will have no idea about the decentralized coins. Critics mentioned that virtual currencies are neither issued by public authority nor state-guaranteed and also unregulated.

According to Financial services lawyer and blockchain enthusiast, Prosper Mwedzi, that if the CEO is talking about listing cryptocurrencies, it seems to be positive but there is also a statement that needs to be noticed that it depends on the regulatory clearance, though at the moment the Reserve Bank of Zimbabwe (RBZ), instead of a crypto policy is doing a fintech policy.

No stance from Zimbabwe’s regulator

According to a notice released in 2018, by the Reserve Bank of Zimbabwe (RBZ) it seemed that they are against of cryptos, and asked their country men’s to keep away from risky crypto’s, and then the central bank also ordered a shutdown Golix, the countries largest cryptocurrencies exchange. However, in 2019 some of the statements displayed, that the bank might have reconsidered for the use of Cryptocurrency.

According to a financial services lawyer and blockchain enthusiast, Prosper Mwedzi, everything depends on the Securities and Exchange Commission of Zimbabwe (SECZ), and yet SECZ didn’t indicate any statement regarding the issue. So instead of surety, there remains a possibility that the plan of Zimbabwe’s Stock Exchange might come to realization.

Though the interest appeared by the ZSE to have its subsidiary list cryptocurrencies is a positive response by the regulated institutions to go crypto.

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