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Trading In Cryptocurrency Halted In Zimbabwe, High Court Rul...
Cryptocurrency, Exchange

Trading In Cryptocurrency Halted In Zimbabwe, High Court Ruling Not Able To Restore

(Last Updated On: June 3, 2018)

It will take longer than expected to restore cryptocurrency trading in Zimbabwe. Country’s major Bitcoin Exchange says that regulations regarding cryptocurrency are awaited. In context of restoration of cryptocurrency trading the exchange told that they are working on getting their bank accounts re-opened.

 

The two major cryptocurrency exchanges in Zimbabwe are Golix and Styx24 .

 

The Reserve Bank of Zimbabwe (RBZ) recently directed that Golix halt support for cryptocurrency trading, but the exchange applied for and obtained a High Court order setting aside the ruling by the central bank. Following an order issued by the Reserve Bank of Zimbabwe (RBZ) the cryptocurrency trading at Golix halted. Golix moved to the High Court against the Reserve Bank of Zimbabwe’s ruling. The Harare High Court issued ruling in favour of Golix on grounds of no representatives turned up in the high courts proceedings.

 

Reserve banks ruling against cryptocurrency trading along with a ban imposed earlier on processing bitcoin transactions had stopped cryptocurrency trading in Zimbabwe.post the order by the high court of Zimbabwe it was assumed that it would initiate restoration of crypto dealing and trading by Golix.

An email sent to clients and traders read:Please do not attempt to make deposits to Golix until we announce that we have resumed trading and that it is now safe to do so. Right now we are not conducting any OTC transactions.

 

Golix’s online platform facilitated ethereum, bitcoin and cryptocurrency deposits, withdrawals and purchases. Prior to the halted services the operational ATM at Harare enabled users for purchase and withdrawal of bitcoin in exchange for USD notes .

 

The traders are inclining to withdraw funds from the virtual currency wallets, freshly made deposits are moving to suspended account.

 

The company stated that the staff members are working to get bank accounts re-opened. They are also maintaining a communication with the banks to send customers funds to Ethereum and bitcoin wallet. People in Zimbabwe have begun utilising bitcoin for airline tickets payments, the importation of pre-owned vehicles from Japan, and sending money out of the country and software purchase.

 

Golix said:

Given the circumstances, cryptocurrency withdrawals are now also being manually processed from cold storage and we can no longer process them as quickly as we used to.

Regarding its move in approaching future Golix revealed that its is going to engage with Zimbabwean regulators to settle these issues. Presenting views on the safety of cryptocurrencies and the blockchain technology to the bank is also lined up.
Crypto traders and dealers are now withdrawing funds from their virtual currency wallets, although this is taking longer than expected. New deposits are mostly going into a suspended account, Golix cautioned.