A Zimbabwean cryptocurrency, Golix has sent a letter to customers stating that it will be reaching out to financial institutions after the Reserve Bank of Zimbabwe’s circular banned the use of cryptocurrency.
The RBZ circular, which lists Golix, Bitfinance(Private) Limited and Styx24 as the main cryptocurrency providers in the country, bans banking services from providing services from facilitating any person or entity in dealing with or settling virtual currencies.
“We think that blockchain technology will transform the financial market space for many years to come, and Africa should not be left behind, Golix said. “We also think that as we explore this space, it is important to work and engage with all stakeholders, including regulators”
“Our team will do the best it can to reach out to both our banking partners and to the Central Bank to address their concerns.”
Golix also says that it understands what the Central Bank, which believes that virtual currencies, is trying to accomplish.
“Indeed, like other forms of money, crypto-currencies come with risks,” Golix says “As an exchange, we always educated our valued clients on these issues and operated in line with global best practice.”
“We also know that the only way for a regulator to completely mitigate these risks is through regulated centralised exchanges.”
RBZ gave banking institutions a sixty days window period to stop providing services to cryptocurrency traders.
Golix, which also provides services through local mobile money banking systems, had already set up an ATM machine for cryptocurrency transactions.
“We remain committed to space and to doing the right thing for our customers,” Golix says.
