Africa’s Cryptocurrency Exchange Golix Conflicts With The Reserve Bank Of Zimbabwe

Africa’s cryptocurrency exchange Golix, the one accountable for the operation of Bitcoin ATM at Harare office, is still in the battle with the Reserve Bank of Zimbabwe. Both the institutions act in court as early as May 2018. Residents of Zimbabwe are helpless to use the country’s only Bitcoin ATM, while crypto applications are on the demand and in the increase. The central financial institution of Zimbabwe has made it obligatory for every bank based in the country to remove every collaboration with Golix and other crypto exchanges.

Resulting in the order, it became complex to trade cryptocurrencies, as the platforms, including Golix, had no choice but to stop their activities. Furthermore, all the bank accounts have been frozen as well as user funds.

Zimbabwe Monetary issues have been unstable for quite a sometime. Since 2015 Zimbabwe does not own a nationwide fiat currency when the Zimbabwean Dollar was demonetized. This has unstable the country’s economy for a very long period, with residents and industries losing their savings.

As per the report published in Coin Doo, currently, the country has accepted US dollar, euro, and other international fiat assets. Crypto assets are not an elimination in the African country, as the demands for Bitcoin are progressively increasing. Citizens see an explanation in the addition of cryptocurrencies, given that the country is still facing some difficulties with the monetary system. Golix cryptocurrency exchange hopes to win the lawsuit in Zimbabwe’s High Court and eliminate the banking prohibition. If the company thrives, it will continue the crypto operations, including the choice to exchange cryptocurrencies, however, the date of the instance is yet not declared.

According to News Bitcoin, in this pilot, the country stated in the paper that cryptocurrency removals can be the best thing to do because Golix cryptocurrency exchange keeps some of the coins in their hot wallet it lets for instant cryptocurrency transfers. And those in the offline wallet, where the popular of crypto is stored, mustn’t be problematic to transfer to investors. The RBZ ban has affected fiat withdrawals but not crypto.

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