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Zimbabwe to trade Cryptocurrency again, banning party loses

Simran Alphonso

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Zimbabwe to trade Cryptocurrency again, banning party loses
Source: Max Pixel

On May 24th, Harare High Court lifted the ban on trading of cryptocurrencies that was imposed by the Reserve Bank of Zimbabwe [RBZ]. 

RBZ banned banks from processing cryptocurrency transactions in the country and the central bank of Zimbabwe ordered cryptocurrency exchanges to stop their activities, they wrote:

“All cryptocurrency exchange houses operating in the country, including Bitfinance (Private) Limited (also known as Golix), are required to cease all virtual currency exchange operations,”

However, Harare High Court lifted the ban, after officials from RBZ did not attend the case filed by Zimbabwe’s cryptocurrency exchange Golix. Reserve Bank of Zimbabwe officials, including the governor, John Mangudya, did not turn up for court proceedings. 

John Panonetsa Mangudya, the governor of the Reserve Bank of Zimbabwe was initially against the use of cryptocurrencies and believed that the nature of the transactions made them a “choice for money launderers and criminals.”

Mangudya added:

“The central bank has not licensed anyone to trade in virtual currencies and dealers and investors do not have the protection of the law.”

The first argument that Golix put forward was to ask whether the central bank had the authority to declare cryptocurrency illegal. Golix stated that RBZ had not given a reasonable notice and right of response when they issued their directives.

The RBZ had banned banks from processing transactions involving cryptocurrency trades. They were also against any cryptocurrency transaction taking place in Zimbabwe.

Nhlalwenhle Ngwenya, communications manager at Golix on Thursday afternoon stated to CNN saying:



“The ban was lifted.”

The officials of Golix are hoping that they can immediately go back to doing business and processing the order book.

Fadzayi Mahere, a legal team member, and constitutional lawyer tweeted:

“RBZ ban on cryptos lifted by the High Court. Administrative justice is alive and well in this jurisdiction. Section 68 of the Constitution is our best friend.”





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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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