The High Court of Zimbabwe has ruled for the cryptocurrency ban in the country to be lifted. This news follows a recent lawsuit filed by a cryptocurrency exchange against the Reserve Bank of Zimbabwe (RBZ) arguing that the latter does not have the authority to declare cryptocurrencies as illegal.
May 12 saw the RBZ, the country’s financial services regulator, give out the order to cease all cryptocurrency transactions in the country. A few days later, they had given out the order for all cryptocurrency exchanges in the country to shut down.
This did not sit well with crypto enthusiasts in the country, especially with the country’s largest cryptocurrency exchange Golix. The exchange had filed a lawsuit against the RBZ to the High Court of Zimbabwe. Golix had argued that the RBZ did not hold any power to ban cryptocurrencies from the country. Another argument in the lawsuit stated that the RBZ did not allow for ‘adequate time’ for notice.
High Court Ruled in Favor of Golix
It was reported that the High Court of Zimbabwe had given a default judgment as the RBZ had failed to defend their case. The ruling sees the suspension of the cryptocurrency ban in the country—Golix and other cryptocurrency exchanges in the country are to continue operations.
However, it is still important to note that while there is no more crypto ban in the country, there also exists no regulatory framework for the tech.