Zimbabwe now wants to regulate cryptocurrencies

Credit: The Reserve Bank of Zimbabwe

The central bank of Zimbabwe announced its intention to set up a “regulatory sandbox” for cryptocurrencies.

The Reserve Bank of Zimbabwe (RBZ) ultimately wishes to regulate cryptocurrencies. The bank is currently developing a test framework to guide financial technology companies and protect investors, reports local media Chronicle.

Josephat Mutepfa, Deputy Director of Financial Markets for the RBZ, explained that the new measures will ensure that entities specializing in digital assets are regularly monitored and meet regulatory requirements.

We have already started to provide a framework for fintech, because in the regulation, everything must be well structured. The framework will assess cryptocurrency companies on how they should operate, ”he said.

In 2018, the southern African country banned local financial institutions from processing all payments related to cryptocurrency.

Last month, the International Monetary Fund (IMF) was alarmist about the situation in Zimbabwe, pointing to the risks of a “major economic crisis”.