Zimbabwe High Court Lifts Cryptocurrency Trading Ban.
The Reserve Bank of Zimbabwe (RBZ) as was gathered, failed to appear for court proceedings in a case involving the Zimbabwe crypto exchange, Golix (also known as Bitfinex) is seeking reversal of the central bank’s directive that it stop virtual currency trading in the country.
Golix filed a case to the High Court seeking that it reverse the ban instituted by the central bank this month. The RBZ had banned banks from processing transactions involving crypto-currency trades.
John Mangudya ghetto RBZ governor and it’s officials did not turn up for court proceedings. This prompted the High Court in Harare to issue a impromptu ruling that essentially lifted the Zimbabwean central bank’s ban.
Golix had stopped processing the order book on Thursday as it sought to know the cause behind the ban after the central bank ban, the exchange said in a notice to members Thursday morning.
Image By Cryptonewsaus
The news of the lift of ban brought hope and confidence to bitcoin and other crypto traders and investors in Zimbabwe who were not now able to trade on any exchange platform.
Golix (Bitfinex) runs an online crypto exchange platform as and a bitcoin ATM in central Harare.
Administrative justice is alive and well in this jurisdiction. Section 68 of the Constitution is our best friend,” tweeted lawyer, Fadzai Mahere.
In its filed case against the central bank’s move, Golix said “the ban in effect outlaws and classifies as illegal Applicant’s operations”.
Golix argues in its court filed case that the step taken by the central bank to ban it from cryptocurrency trading in Zimbabwe is of the lawmaking body jurisdiction, not the central bank.
“All cryptocurrency exchange houses operating in the country, including Bitfinance (Private) Limited , are required to cease all virtual currency exchange operations,” wrote Norman Mataruke, the central bank’s registrar of banking in a letter to Golix dated May 15.
Mataruke also made it clear that cryptocurrency exchange platforms in Zimbabwe were “required to take all the steps required of it to close the cryptocurrency accounts or ‘wallets’ of its customers and to make good any funds currently held on behalf of customers” trading and investing virtual currencies.
Harare High Court Order.
The new development will increase and enhance the use and progressive adoption of Cryptocurrency and it’s related activities in the country. It will equally encourage start-ups in the country.