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Tuesday, January 26, 2021

ZSE allow its subsidiary to list crypto if regulators approve

  • The Zimbabwe Stock Exchange’s CEO recently announced that the ZSE subsidiary might list cryptos.
  • Many are skeptical of the idea, as the real decision lies with the SECZ, and not the exchange.
  • SECZ did not declare its stance on crypto, there is still a possibility that it might happen.

It took them more than 11 years, but cryptocurrencies are finally coming to stock exchanges. Only days ago, Gibraltar Stock Exchange announced the addition of a Bitcoin Fund by 3iQ Corp. After that, Venezuela announced the creation of a ‘decentralized stock exchange’ that will offer crypto and fiat alike.

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Now, the Zimbabwe Stock Exchange (ZSE) aims to have its licensed subsidiary list Bitcoin as well as other coins.

Zimbabwe Stock Exchange’s subsidiary is willing to list crypto

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According to a recent report, Zimbabwe Stock Exchange will not list crypto itself, but its CEO, Justin Bgoni, revealed that its subsidiary will. The subsidiary, known as the Victoria Falls Stock Exchange, is open to listing a number of cryptos, if the regulators allow it.

At this time, there are no known details of what requirements crypto projects need to meet in order to have their tokens listed on the exchange. On top of that, Zimbabwe’s own crypto community is skeptical of the news, as it came from the stock exchange’s CEO, instead of the regulators. Lastly, it is possible that the ZSE executive simply doesn’t understand decentralized coins, how they work, and why they might not be allowed on the platform.

However, the willingness of the ZSE to have its subsidiary list Bitcoin and other coins is important news, as it shows interest from regulated institutions to go crypto.

Zimbabwe’s regulators have yet to reveal their stance

Despite the skepticism, the plan does have its supporters, such as Prosper Mwedzi, a financial services lawyer, who is also a crypto and blockchain enthusiast. He is optimistic about the entire idea, noting that exchanges fall under the Securities and Exchange Commission of Zimbabwe’s jurisdiction.

The country’s central bank was against crypto in 2018, but since then, some of its statements have shown that the bank may have reconsidered dealing with the industry.

However, the SECZ did not express their views on the crypto industry, neither supporting it, nor condemning it. In other words, Zimbabwe has yet to make its official stance on the crypto matter known, so there is a possibility that the plan may come to a realization.

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