Zimbabwe Stock Exchange Eyes On Blockchain Technology
Zimbabwe Stock Exchange (ZSE) chief executive Justin Bgoni reportedly announced that the firm is interested in taking on blockchain technology if they obtain regulatory clarity. Bgoni is waiting for the regulatory certainty issues to be resolved to plunge into blockchain technology.
“Blockchain Technology” typically refers to the transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.
“Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good.” said Justin.
Currently, several jurisdictions are seeking for regulatory certainty. According to a report, ZSE wants to integrate blockchain technology in its real estate investment trust securities, mineral commodities exchange, and exchange-traded funds.
Zimbabwe is known economically for the collapse of its national fiat currency in 2015. While the Reserve Bank of Zimbabwe (RBZ) deemed cryptocurrency as illegal in 2017, RBZ Director and Registrar Norman Mataruka commented that the bank had started investigating the risks of crypto and creating a regulatory framework for them.