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Vandana Malik
Mar 23, 2020
by Vandana Malik

Reserve Bank Of Zimbabwe Developed a Regulatory Sandbox

Reserve Bank of Zimbabwe
As it was reported earlier also that the Reserve Bank of Zimbabwe (RBZ) was crafting a framework for cryptocurrency firms in the country. On 13 March, it was revealed via a news report that RBZ has developed a regulatory sandbox to regulate the crypto firms across the nation. 

According to the news report, RBZ is taking this step as Zimbabwe is seeing some frequent rise in the fintech sector. In cryptocurrency also, the country has seen some great response for quite some time now.

Different businesses to be involved in cryptocurrency

Josephat Mutepfa, who is the deputy director of the financial market and national payment system of RBZ has said that the bank is trying to develop the regulatory sandbox for cryptocurrency.

The main purpose behind building up this sandbox is to involve different businesses into the crypto market. All the firms or organisations that will get involved in it will have to go through the special regulatory sandbox that has been developed by the bank.

The sandbox will help the bank identify firms operating on the independent level

Although the bank took this initiative to encourage firms to get involved in the crypto market, it is also there to ensure consumer protection. Along with customer protection, it is also there to avoid most of the cyber threats that are associated with cryptocurrency.

Mutepfa has also said that when any firm or trader will enter in the sandbox then they will be directed to pair with any particular bank of the country or any mobile money platform. If they are unable to do that then they have to get their firm licensed as a microfinance company. These regulations are not for those firms who are already registered as a bonafide product, they can enter directly to the market.

All these development in the regulations related to cryptocurrency have been made by keeping in mind the keen interest that people are showing in the crypto market nowadays.

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    Reserve Bank Of Zimbabwe Developed a Regulatory Sandbox
    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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