International

May 28, 2018

Cryptocurrency Ban lifted: High Court of Zimbabwe


Zimbabwe-High-Court

The Harare High Court has lifted a ban by the central bank which barred all banks and financial institutions from offering services to cryptocurrency exchanges.

The Reserve Bank of Zimbabwe (RBZ) failed to appear for court proceedings in a case in which Zimbabwe crypto exchange, Golix is seeking reversal of the central bank’s directive that it stop virtual currency trading in the country.

Reportedly, High Court Judge Justice Alfas Chitakunye provisionally lifted the ban, following a successful application by Bitfinance, which operates as Golix.

Alongside Fadzayi Mahere, the Golix team was represented by another attorney named Hopewell Chitima. The legal team used Section 68 of the country’s constitution but no representatives from the RBZ showed up to the trial. Regional reports state that because of this action, the Harare High Court justice ruled in favor of the Golix team.

“The ban issued by respondents through letter dated May 15, 2018 against applicant, directing it to cease its operations, shut down its virtual currency exchange business and ordering the closure of its bank accounts with its bankers, be and is hereby suspended pending the return day,” ruled Justice Chitakunye.

“The ban was lifted,” Nhlalwenhle Ngwenya, Communications Manager at Golix said.

At the time of publication, there have been no statements made by the RBZ, the central bank’s registrar Norman Mataruke, or the RBZ governor, John Mangudya.

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