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Vandana Malik
Mar 16, 2020
by Vandana Malik

RBZ Crafting Framework for Cryptocurrency Trading

RBZ
Reserve Bank of Zimbabwe (RBZ) has started creating a policy framework basically a sort of guideline for crypto trading. This will be there to guide the functioning and to regulate financial technology (fintech) enterprises. All the crypto-currency firms will be now examined by RBZ.

The Deputy Director of Financial Markets of RBZ, Josephat Mutepfa has said that the bank has started to create the framework. This step has been taken so that everything related to fintech enterprises will be under a proper structure and smooth functioning. The bank is going to manage the operation of all the crypto-currency firms. Mutepfa has said this during a Sound Prosperity Economic Forum in Bulawayo.

Product to be licensed under the RBZ framework

The director has also said that now there will be a need to get all the products licensed like a micro-finance company in order to enter the sandbox. If you do not wish to get a product licensed then you need to associate with a bank or any mobile money platform to enter the market. For all the authentic products, there is no need to follow these steps.

Currently, the sandbox will be under experiment. After it is fully advanced, it will come as a well-developed application.

The framework will help the crypto market to grow

It has been seen for quite some time now that Zimbabwe is moving more towards financial technology as growth has been seen in this sector. The major areas where the growth has been seen include trading, insurance, cryptocurrency, etc.

The young entrepreneurs are moving more towards cryptocurrency platforms. This helped all of them to fund their respective projects which will ultimately contribute towards the economic revival of the country.

It has been assumed by few advisers that these regulations by the central bank will simply help the crypto market to grow and flourish. Although, the crypto market involves a huge risk so it is yet to be seen how RBZ is going to regulate it effectively.

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    RBZ Crafting Framework for Cryptocurrency Trading
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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