Zimbabwe’s High Court Overturns Ban Placed On Cryptocurrencies

Hello! @everyone, hope you're having a great time. This @akomoajong once again with information related to Cryptocurrency and Blockchain adoption in Africa. Today's information takes us back to Zimbabwe.

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I made a post a few days ago in which I talked about Zimbabwe Bans Cryptocurrency Related Activities And Transactions, today I’m happy to announce that this ban has been overturned or reversed. This ban was reversed on Thursday May 24, 2018 at the high Court of Zimbabwe in Harare, the Capital city.

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How Did The Reversal Happen?

It all started when Golix, a local Cryptocurrency exchange in Zimbabwe decided to take the case of the ban against Cryptocurrencies and Cryptocurrency-related transactions to court claiming that the Reserve Bank of Zimbabwe (RBZ) had no rights to issue or enforce a financial ban or law and that only the country’s parliament can enforce such bans. RBZ was summoned to a Court Trail but known of their representative showed up.

RBZ Representatives Failed To Show Up

The task of overturning the ban was an easy job for the legal team of Golix as none of the members or Judiciary team of the Reserve Bank of Zimbabwe (RBZ) showed up. The legal team of Golix defended themselves with Section 68 of the country’s constitution but there was no opponent to challenge and do the objection stuffs lol. It was then very easy for the judge of the high court of Harare, Justice Alphas Chitakunye to rule in favor of Golix and overturned the ban.

Justice Chitakunye’s ruling states thus:

The ban issued by the Respondents (RBZ) through letter dated 15 May 2018 against Applicant directin it to cease operations, shutdown its virtual currency exchange business and ordering the closure of its bank account with its bank is hereby reversed and set aside.

Fadzayi Mahere, one of the legal team members of Golix announced the legal victory to her followers with this tweet:

RBZ ban on Cryptos lifted by the High Court. Administrative justice is alive and well in this jurisdiction. Section 68 of the Constitution is our best friend.

Legal team of Golix, Image from Fadzayi Mahere's twitter page

So far, the RBZ representatives have not made or release any statement about this whole Court Case.

Personally, I’m happy with fact that the ban is overturned but I’m also curious to see the reaction of RBZ.

Do you think RBZ will fight against this ruling? Please drop your thoughts along as comments and as always, I will upvote meaningful comments.

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Cheers!, @akomoajong