On May 24, the cryptocurrency ban placed by the Reserve Bank of Zimbabwe earlier this month was lifted by the country’s Supreme Court.
The Harare High Court lifted a ban placed by the Reserve Bank of Zimbabwe (RBZ) that prohibited banks and other financial institutions from trading cryptocurrency. The decision was made by Justice Alphas Chitakunye on Thursday[1] after the RBZ failed to appear to defend its action in a lawsuit filed by Golix, one of Zimbabwe's largest cryptocurrency exchanges.
Golix challenged the ban by arguing RBZ does not have the authority to declare cryptocurrencies illegal. Fadzayi Mahere[2], a member of Golix's legal defense team, stated on Twitter, "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." Section 68[3] provides the "right to administrative justice" via the country's court system.
This ruling means that Golix is able to continue operating as normal and that Zimbabwean cryptocurrency companies are allowed to maintain their bank accounts.
As ETHNews previously reported,[4] the RBZ initially banned Zimbabwean financial institutions from trading in cryptocurrency in early May, and gave them 60 days to end relationships with companies that deal in the digital assets.
Andrea Tyrell is a staff writer with ETHNews. She is passionate about ethical journalism, traveling, and community service. Andrea holds no value in cryptocurrency.
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References
- ^ on Thursday (248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com)
- ^ Fadzayi Mahere (twitter.com)
- ^ Section 68
