#MondayBlues #RBZ Smokes Pot, Or They Need Cryptocurrency 101

While the government may have opened license for marijuana farming for medicinal purpose, its anyone’s guess as to who else maybe abusing the leeway to also tap into the higher levels.

For the third time, #MondayBlues has disagreed with the school of thinking at RBZ where we unfortunately think they celebrate ignorance over basic understanding as they attempted to ban bitcoin in Zimbabwe. Maybe their appetite to regulate is much more heavy than how they seeketh undestanding.

In that line, RBZ probably needs to take their employees back to night school and educate them on how crypto currency works as an independent, free and unregulated currency!

This wild goose chase of trying to regulate the only unregulated currency in the world is wasting so much energy into unnecessary projects which would have yielded better results if the same resources were put towards a better cause. Strange enough they took time to research into bitcoins and come out with this absurdity 

The RBZ registrar of banking institutions, Norman Mataruka in a circular of mass ignorance and relevance seeking stated, 

“As monetary authorities, the Reserve Bank of Zimbabwe is the custodian of public trust and has an obligation to safeguard the integrity of payment systems.”

This statement cannot be allowed to come from the same institutions which failed to back and protect our legal tender with Nostro backing in the form of USD deposits. they have lost the moral value of custodians and should never use that word in their vocabulary to start with.

Zimbabwe is already facing a serious cash crunch and when we find an alternative means of payment, the government should have moved in to see how best to protect against other illicit means that could be  used through the bitcoins, instead of banning it. ZICT Chairman Engineer Jacob Mutisi said it was a wrong move to ban cryptocurrency transactions.

“Further, cryptocurrencies can be used to facilitate tax evasion as well as externalization of funds in violation of a country’s laws. Nothing is completely secure,” he said.

Mutisi added, “As Monetary Authorities, the Reserve Bank is the custodian of public trust and has an obligation to safeguard the integrity of payment systems. Cryptocurrencies have strong linkages and interconnectedness with standard means of payments and trading applications and rely on much of the same institutional infrastructure that serves the overall financial system. Surely can we remind RBZ that they do not print any money furthermore the future is here 96% of our transactions we are using virtual currency which you may think you control.”

The High Court last week lifted the Reserve Bank of Zimbabwe’s ban on cryptocurrency trading following Golix challenge on the ban.

 

 

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