So-called ‘Regulatory Sandbox’ Underway for Crypto in Zimbabwe

• A regulatory sandbox has allegedly been developed by the Reserve Bank of Zimbabwe for cryptocurrency companies in the country. 
• According to a news report published earlier this week, a exec from the bank spoke at a conference at the end of last week on 13th of March.

A regulatory sandbox has allegedly been developed by the Reserve Bank of Zimbabwe for cryptocurrency companies in the country. According to a news report published earlier this week by a local newspaper Chronicle, a exec from the bank spoke at a conference at the end of last week on 13th of March.

The report from the Chronicle highlights that the deputy director of the bank for financial markets are national payment systems, Josephat Mutepfa revealed that the bank is actually working on a regulatory framework which would see many businesses in the nation get further involvement with cryptocurrency and go through a special regulatory sandbox as a result.

Such a so-called sandbox will actually help the bank decide if a particular company will be able to allow to operate on an independent level. Musephat said the following at the Sound Prosperity Economic forum in Bulawayo:

“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 decision to move cryptocurrency regulation has been pushed due to the growing popularity with the younger generation in the country.

Mutepfa admitted that many digital currencies pose a regulatory challenge as currency was the key ‘prerogative’ of central banks.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!