As you all know the Reserve Bank of Zimbabwe issued a directive instructing banks not to facilitate any cryptocurrency related transactions. They also strongly warned the public not to deal in cryptocurrencies. Further, the Reserve Bank wrote to Golix, Zimbabwe’s first and biggest cryptocurrency exchange instructing them to wind up operations.
Golix then went to the High Court and filed an urgent chamber application for the RBZ ban to be lifted.
The Reserve Bank of Zimbabwe did not show up to the court hearing at the High Court today and thus the High Court issued a default judgement in favour of Golix. This means that the ban imposed by the RBZ has been suspended.
Golix was represented by lawyers and aspiring legislator Fadzayi Mahere, along with Hopewell Chitima.
It is a bit strange that after all the fuss the RBZ had been making they have taken this lying down. Or are they? Do you think this story is over? Is Golix and all those who are rooting for cryptos going to be celebrating for long or will the central bank now be headed to parliament to try and push this as a formal law? What do you think happens now?
[UPDATE]: Golix confirmed that the ban was suspended temporarily suspended in a letter they sent to their customers on the 29th of May. The issue is actually still in court and the letter to customers reads:
…Before we answer this question it’s important for us to emphasize that the court case is still ongoing and this interim relief is only valid until the outcome of the case is determined in court. Because the case is still in court, we cannot comment on questions that are related to the case and this is the response you will get if you contact anyone on the Golix Team to make an inquiry that is related to this case…
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31 comments
thats it, isnt it that the RBZ no longer alocates forex to individuals and the private sector, so why would they want to stifle our own efforts to use our own forex the way we want.Bby the way cryptocurrency needs no RBZ. thats their end, vakajaira kutidzvinyirira. in other countries their central banks and government are actaully coming up with their own cryptocurrency. maybe the RBZ had cryptocurrency in mind when they introduced the bond notes!
The law doesn’t reason. Congratulations to Golix
Hooray.. Thats good news for the Startup. Kwete kungoisa miswe pakati pemakumbo kusiyana nazvo..
Who is this impersonator? Find your own handle. Asi chii nhai?
And who are you, pretending to be me?
Who are u two losers masquerading as me?
Guys, stop masquerading as me
Who are these name-clones pretending to be me
Bredren, dis reminds me of a lil story back in London when high Joe got a knock pon him door and he said “who dat”? upon which the knocker replied “who dat”?
High Joe, fumed “who dat who seh who dat when I seh who dat”?
The knocker didn’t give up….”who dat”?
Smoke wisely dey seh!!
so why dont you name the people in the photo above? Who are they? What is the connection between Golix and the people in the photo above ??? lets have names and what/who they represent for clarity !!!!!!!!!
Pindula deals with profiles your question is answered here https://news.pindula.co.zw/2018/05/24/high-court-lifts-rbzs-ban-on-cryptocurrencies-rbz-fails-to-show-up/
Asi urimuC10
FFS, why dont you name the people in the photo above? Who are they? What is the connection between Golix and the people in the photo above ??? lets have names and what/who they represent for clarity !!!!!!!!!
It turns out the RBZ had no argument after all. It is incredible how a central bank can pick a fight with a startup, issue a directive, flout that directive by instituting a full on ban and then when challenged in court they don’t show up. It now looks like a hatchet against Golix. Maybe someone somewhere wanted a bribe and din’t get it.
Hello there Happy, thats what I told you the last time, the RBZs sudden ban was not fuelled by concern and legislative ideologies, but rather out of panic and fear. Personally I am all for regulation, they can tax all the exchanges capital gains and they can monitor the movement of fiat for any irregularities. They that are concerned with privacy, well the EU privacy law is coming to life in a few days and might affect many countries outside the EPA framwork including us, that solves the problem. Rather than banning simply because they had discovered that there are secret crypo currency millionaires all along in this country, hidding in the shadows for when market value is right.
Far left, Verengai Mabika Co-founder of Golix, Advocate Fadzayi Mahere. Far right, William Chui, next to him is Tawanda Kembo co-founder
If at all Bitcoin will actually help the country save that the little forex we earn can be used for the items on the priority list, Crypto currencies can be used for other payments cross border, also on another note no-one is forced to purchase crypto currencies , the same way that no-one is forced to the Stock exchange, people need to understand what they are getting into and do their due diligence! Let’s not be left behind with the future .
Thanks for sharing this. Many dozens of governments have tried to ban cryptocurrencies, but it would be as effective as the post office trying to ban WhatsApp because no one is writing letters anymore. 😂
😂😂😂very true !
That shoe is not for the courts
After this uncontested victory, will banks still go ahead and offer Golix banking services? We already know the RBZ has complete control in that area. Unless the RBZ steps in to regulate, this could be a bumpy ride for Golix. Not sure if the exchange’s relations with its bankers will remain the same after the percent turmoil
RBZ is just being silly
Will the banks reopen the closed accounts? Golix want people to deposit money into its accounts for people to start trading. As long as the banks maintain its stance, then the Golix business model has to turnaround .
This crypto nonsense should remain banned. It is for the best interest of the people at large with bitcoin having lost value in the last 5 months from close to $20000 to now $7000. It made sense for the central bank to ban this sort of investment and make proper regulation of these out of thin air currencies. If golix proceeds with its own crypto as well they can simply play with the demand and supply of their own crypto and become over night millionares. These people have to be closely regulated before they steal peoples monies.
Bitcoin should not be banned just because someone made a bad investment and the price dropped, just like stock exchanges should not be banned because someone made a bad investment and stock prices tanked.
Well stocks are regulated and if they crash there can be interventions to suspend trading of the stock, the same cannot be said about bitcoin.
So the difference between stocks and Bitcoin is that the former are regulated? So why not regulate Bitcoin like with Stocks instead of banning it?
They did not win the rbz did not pitch up… The bank accounts are closed… So maybe they don’t to even defend…I wonder what their game is… Cause note you allowed to use crypto but not with a local bank account
It was long overdue, an uncessary decision made based on wrong judgements of the 50’s mindset, thanks judge for showing that cryptocurrencies are not the problem
Great now we need to ban the illicit scams around bitcoin like cloud mining, advice is buy bitcoin and hold onto it.
https://www.fin24.com/Money/Investments/sa-bitcoin-platform-claims-super-shy-founder-has-stolen-all-its-money-20180525