Zimbabwe Stock Exchange Open to Exploring Blockchain Technology

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The Zimbabwe Stock Exchange (ZSE) is open to exploring and adopting blockchain technology and harnessing it in the near future.

Speaking to Harare Bureau, a local Zimbabwean daily, Justin Bgoni, CEO, ZSE, said:

“Blockchain technology is something we need to look into, though not now. The technology is very good. Each transaction, you can see who owns it so it is easy to audit it. That is why people like it – its easy to verify it, its transparent, and takes away fraud. That part of the technology you can see everything and it makes sense. It is definitely an area that ZSE can explore.”

Among the things Mr. Bgoni spoke about that are key to help expand the market and grow the exchange included introducing new blockchain-based products and services such as real estate investment trust securities (REITS), a mineral commodities exchange, and exchange traded funds (ETFs).

Regulation however continues to be a limiting factor when it comes to crypto and blockchain adoption in Zimbabwe. In 2017, the Reserve Bank of Zimbabwe (RBZ) declared bitcoin illegal. In 2018, the Golix Exchange was temporarily shutdown as well despite efforts to comply with regulation.

According to the Director of RBZ, a regulatory framework for digital assets will need to be established before we can potentially see the legalization of cryptocurrencies in the country.

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