Sun, July 21, 2024

Zimbabwe’s Central Bank and Crypto Regulations

Crypto and new possibilities

Zimbabwe’s Central Bank and Crypto Regulations
The Republic of Zimbabwe, more precisely local authorities are ready to change their attitude towards the crypto industry.

This information comes from the deputy director for financial markets and national payment systems at the Reserve Bank of Zimbabwe. Josephat Mutepfa commented on this issue. According to Mutepfa, the bank is working on a regulatory framework.

Let’s have a look at this initiative. The purpose of the regulatory sandbox is to help the bank to decide whether a particular company deserves a license or not.

It is worth mentioning that the relationship between the crypto industry and government was far from being ideal. In 2018, the Reserve Bank of Zimbabwe issued a complete ban on cryptocurrencies.

However, officials have the opportunity to change their attitude towards the crypto industry.

Crypto exchange Bitfinex and Fulgur AlphaBitfinex and hedge fund

The cryptocurrency exchange Bitfinex announced that it listed Fulgur Alpha.
Interestingly, the Bahamas-based crypto hedge fund Fulgur Alpha is currently worth $280 million. According to the information provided by Bitfinex, the hedge fund is only accessible to professional investors.
Moreover, the fund aims to increase its assets under management in 2020.
Fulgur Alphas’s assets are held at licensed crypto-asset custodian Delchain Limited.

The first month of this year was the best January ever reported by cryptocurrency hedge
Funds. Moreover, In January 2020, hedge funds experienced a 21.15% return.
Nevertheless, the same funds shed 1.31% in February. Also, this month cryptocurrency hedge
funds most likely will experience significant losses.
In 2019, the hedge fund of famous investor Bill Miller saw more than 40% growth, partially thanks to Bitcoin.

Authorities not only in Zimbabwe but other countries as well should realize that the crypto industry is not a threat to their economies. Private as well as governmental organizations should work harder to remove the obstacles. Moreover, in the case of Zimbabwe cryptocurrencies may solve one of the biggest issues of the local economy which is hyperinflation.


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