By Justin Bgoni, chief executive at the Zimbabwe Stock Exchange (ZSE) recently stated that the ZSE is interested in implementing blockchain technology should regulatory certainty be achieved by the African nation. The news was revealed by a local outlet, The Chronicle on May 20th.
Bgoni, who stands in favour of blockchain tech, is waiting to implement the technology at ZSE until such a time where regulatory issues have been resolved:
“Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this, and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good.”
Currently, regulatory certainty within the crypto community is being pursued in several jurisdictions. For example, the recently reintroduced Token Taxonomy Act (TTA) in the States, seeks to address regulatory certainty for the crypto space by implementing comprehensive definitions.
The ZSE is examining blockchain-based services and products for use in real estate investment trust securities, mineral commodities exchange as well as exchange-traded funds (ETFs) as per the report.
Zimbabwe is widely known for the collapse of its fiat currency which happened back in 2015. Since then, the nation has been at the epicentre of several blockchain based currency projects including a paper which argued that the country is an ideal environment for bitcoin (BTC) companies to launch a blockchain summer school.
Back in 2017, however, the country’s central bank, the Reserve Bank of Zimbabwe declared bitcoin illegal.
However, the RBZ Director and Registrar Norman Mataruka stated that the bank had begun exploring the risks of cryptocurrencies citing that it would need to form a regulatory framework for all digital assets before they could consider legalizing cryptocurrencies.
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