Finally, Zimbabwe’s Reserve Bank (RBZ) has drafted a proposal regulating crypto transactions with rumors Apollo Fintech teaming up in its Issuance. For a long time Zimbabwe was a destination of cryptocurrency investors. But apart from some rumors after the government in Oct 2019 banned forex trading, the fate of Bitcoin in this country has been uncertain.
While other countries affected by hyperinflation or excessive monetary policy intervention on the part of government, Zimbabwe has been through it all. There was a surge in cryptocurrency trading last July, as foreign currencies were banned by the government.
Framework to Provide Clear Guidelines for Crypto Firms
Well, it looks like Zimbabwe is finally ready to take cryptocurrency seriously and come up with sensible regulation. The RBZ announced on Friday that it has begun to put together a policy framework to provide clear guidelines for crypto-currency businesses and to protect investors from prolific scams in this country.
While the apex bank has hesitated to legitimize cryptocurrency due to the high amount of fraudulent activity, it has finally come to realize that the growing global trend can no longer be ignored – and must be regulated, Zimbabwe-based media outlet Chronicle reported.
RBZ deputy director of financial markets and national payment systems Josephat Mutepfa commented:
“We have already started to come up with a fintech framework because in regulation everything should be well structured. The framework, which is a regulatory sandbox, will be assessing the cryptocurrency companies as to how they are going to operate.”
He said this would ensure all cryptocurrency firms were properly examined to meet regulatory requirements.
“Once you enter the sandbox you either exist as a bonafide product to enter the market or you are guided to say that you need to partner a bank, a mobile money platform or your product needs to be licensed like a microfinance company… The sandbox will be an experimenting zone. Once the sandbox is there, there will be an application criterion, which will also act in the same capacity as the sandbox.”
Partnership with Apollo Fintech on Crypto Issuance
Earlier this month, TECHZIM media outlet reported that, a widespread belief in the launch of digital currencies will be announced by the Zimbabwean government along with other African states in partnership with Apollo Fintech.
Rumors revealed that it will be a gold-backed coin, and Apollo Fintech’s CEO recently confirmed that they are working on a gold-backed coin with a country.
Stephen McCullah – CEO of Appollo Fintech said:
“We have gotten a large number of questions pertaining to rumors circulating that Apollo will be used in a strategy/survival MMO that is the distribution method for a gold backed coin. I want to set the record straight. It is true, and the details are coming soon.”
McCullah also suggested previously working “on more than one solution” on Xangle with the Zimbabwean government, a platform that aggregates crypto-related announcements.
Cryptolydian reported that Apollo Fintech Launches World-Shaping Platform Knox Exchange.