Recently, we wrote an article that covered the state of cryptocurrency trading in Zimbabwe, one of the countries that are known to have faced serious financial challenges in the last few decades.
In a bid to protect itself from another economic turmoil, the government decided to ban all cryptocurrency trading in the country.However, the industry leaders filed a case at the High Court to appeal this decision in a bid to ensure that their operations are not crippled by the government. One of the main bitcoin exchange platforms in the country, Golix, was adamant that the government decision to ban cryptocurrency trading completely while other governments around the globe are embracing it was wrong.
The high court ruled in favor of Golix and Styx24, the two primary exchange platforms in the country.
However, an article posted on CCN, states that resuming operations may take longer than expected as most of the banks involved in the case such as Reserve Bank of Zimbabwe is yet to honor the direct and reopen the bank accounts of the cryptocurrency exchange platforms as well as customer accounts that were suspended.
The previous direct by the reserve bank to ban trading using virtual currencies and cancellation of any bitcoin transaction in the country has affected the operations of the cryptocurrency exchange platforms negatively. Most people especially investors who had already purchased digital assets as well as those who were planning to join the industry expected that the high court ruling would lead to resumption of operations in both trading platforms. Due to these hurdles, Golix sent out an email to all its customers advising them not to make any deposits yet since trading was still to resume fully. Thousands of customers who were eager to purchase and sell their coins were surprised when they received this email but unfortunately, they have to wait until the government clears the two platforms to do business in the country.
It is important to note that Golix majors in Ethereum, bitcoin, and other main cryptocurrency withdraws, purchases, and deposits.
The company has also invested in a new generation ATM that is strategically located in Harare to ease the process of purchasing and withdrawing digital currencies in form of USD notes. At the time of writing this news article, any deposit is going to the suspended Golix account. However, there is light at the end of the tunnel, as the management team has held several meetings with the banks to reopen the bank accounts or allow the platform to send funds back to their customers.
Before the ban and stringent government regulations, Zimbabweans would freely use bitcoin and other digital currencies to purchase software online, pay for imports such as vehicles from Japan, as well as pay for airline tickets. Golix trading platform has moved with speed to engage the various financial bodies tasked with regulating the industry in the country to come up with robust policies and rules. During this consultation meetings, Golix experts are expected to explain to the government officials how cryptocurrencies work and the security detail of blockchain technology.