Cryptocurrency is a very interesting industry to keep an eye on. Despite the negative attention regarding volatility, hacks, and criminal activity, good news occurs on a regular basis as well. In Zimbabwe, a decision by the RBZ has been reversed, which allows the Golix exchange to resume trading. A positive development for the cryptocurrency industry in this part of Africa.
The Reserve Bank of Zimbabwe doesn’t like Bitcoin and other cryptocurrencies. Not surprising, as this vision is shared by many financial institutions around the world. Even so, their recent cryptocurrency ban will not be maintained. Those are the findings of Golix, the biggest Bitcoin exchange in Zimbabwe.
Temporary Relief for Golix
More specifically, the company has maintained an active dialog with the RBZ to discuss this imminent ban. Despite this open-minded attitude, Golix was forced to shut down on May 17th for an indefinite period. Additionally, all bank accounts belonging to the exchange have been closed as well. Such a troublesome development wasn’t entirely unexpected either.
Even so, the company filed an application with the High Court to revert this decision. It seems that request has been received and results in a positive development. Golix has been granted an ‘interim relief” which allows the company to continue trading. Their bank accounts will, unfortunately, remain inaccessible until further notice. A small victory for the exchange, albeit the cryptocurrency ban is not scrapped.
It is important to note this interim relief can be removed at any moment. With the court case still pending, a final verdict will immediately end the relief in question. If the outcome favors cryptocurrency no further issues will arise. If not, the company will have to suspend all trading once again. Customers are advised to move any funds off the platform as soon as possible. Deposits are opened yet dissuaded, for rather obvious reasons.