Crypto traders and entrepreneurs in Zimbabwe are yet to roll out the drums, in anticipation of the Reserve Bank of Zimbabwe implementation of a regulatory sandbox for cryptocurrency activities in the country. The RBZ made the announcement in March 2020, following the need to create a suitable policy framework that will guide cryptocurrency activities.
A prominent official of the RBZ- Josephat Mutepfa, stated that the framework is a type of regulatory sandbox meant to review the nature of cryptocurrency business, understand its operations, and properly delineate its scope, among other things.
The government has also engaged the services of some international consultants and blockchain experts to champion the process of providing an enabling environment for crypto-currency business. One of the companies, Apollo Fintech, entered a contract with the government last month, to create a gold-backed stablecoin, as part of the three national solutions that they intend to implement in the country.
So why is there a lack of optimism from the local crypto traders despite these developments? According to Confidence Nyirenda, director of BitPaya, the government has been making statements like these for over two years now. Still, there has not been any tangible progress that will inspire hope in the minds of the local cryptopreneurs.
The local players are concerned that the regulators are not bothered about the development of local traders, as they have been ignoring possible solutions offered by these traders while seeking international partners. Therefore they believe that these big-time players will only focus on creating the environment that will favour their business model, as the detriment of local start-ups.
Whether the fears of the local cryptopreneurs are valid or not, only time will tell.
Note: This post is culled from an original article by Cryptonews
