The Reserve Bank of Zimbabwe (RBZ) has purportedly drafted an approach structure to manage activities of budgetary innovation (fintech) endeavors, specifically digital money firms in the nation.
Talking at an ongoing Sound Prosperity Economic Forum, Mr. Josephat Mutepfa, RBZ agent chief monetary markets and national installment frameworks, said proposed guidelines for an administrative sandbox would guarantee cryptographic money organizations that meet administrative necessities would be screened and permitted to work:
“We have already started to come up with a fintech framework because in regulation everything should be well structured. The framework, which is a regulatory sandbox, will be assessing the crypto-currency companies as to how they are going to operate.” ~ Mr Josephat Mutepfa
Speaking on the upcoming crypto regulatory sandbox and how it will operate, Mutepfa said:
“Once you enter the sandbox you either exist as a bonafide product to enter the market or you are guided to say that you need to partner a bank, a mobile money platform or your product needs to be licensed like a microfinance company.
The sandbox will be an experimenting zone. Once the sandbox is there, there will be an application criterion, which will also act in the same capacity as the sandbox.”
Mutepfa admitted that currency as a prerogative of central banks had been taken over by the digital currency which has resulted in reduced loans, a trend particularly fueled by the adoption of cryptocurrency among young people in the country.
Mutepfa highlighted one local cryptocurrency, SPURT, which has seen massive adoption across the country with an estimated customer base of over 50, 000.
He also noted that the government’s interpretation of the monetary policy into all the official languages was being reviewed in order to ensure a blossoming financial sector in the country.