RATE Group | Reserve Bank of Zimbabwe working on a policy framework to regulate cryptocurrencies
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Reserve Bank of Zimbabwe working on a policy framework to regulate cryptocurrencies

18 Mar Reserve Bank of Zimbabwe working on a policy framework to regulate cryptocurrencies

Posted at 01:08h in Cryptocurrency News by

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  • Zimbabwe was initially hesitant to legitimize cryptocurrency due to the high amount of fraudulent activity.
  • However, it has finally realized that cryptocurrencies can no longer be ignored and that it has to be regulated.

The Reserve Bank of Zimbabwe (RBZ) announced that it is working on a policy framework to give crypto businesses clear guidelines and to protect investors from crypto scams. According to a Zimbabwe Chronicle report, the bank had long been hesitant to legitimize cryptocurrency due to the high amount of fraudulent activity. However, it has finally realized that they can no longer be ignored and that it has to be regulated.

Several alternatives to traditional banking are emerging alongside cryptocurrencies. These will all be given a clear framework to work from. RBZ deputy director of financial markets and national payment systems Josephat Mutepfa said:

We have already started to come up with a fintech framework because in regulation everything…

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