Reserve Bank of Zimbabwe (RBZ) Hits by Crypto Exchange Golix Lawsuit

The Reserve Bank of Zimbabwe (RBZ) issued guidelines for a circular which enshrines the details of cryptocurrency activities. The RBZ asserts that domestic digital currency operations have sixty days to move forward with its idea of currency. The cryptocurrency exchange Golix in a plan to drag RBZ for court as RBZ have banned cryptocurrency in Zimbabwe.

Golix exchange

Golix is a cryptocurrency exchange of Zimbabwe. It was established in the December 2014 the exchange was known as Bitcoin Fundi. The company was founded by Tawanda Kembo and Verengai Mabika.

As per reports, Golix is planning to take the Central bank to court for suspending digital assets. The firm indicates that the RBZ have no authority to ban cryptocurrencies across the nation.

 Recently, Cryptocurrency aficionado and trade in Zimbabwe got stuck as Central bank ban all the activities with respect to digital currencies. RBZ also warned about the risk involved with the cryptocurrency and says that financial institutions not to accord with digital asset businesses.

The revenue gained by Golix

Golix have nearly 50000 customers and among them nearly 49,333 have been exact. It have began their exchange in September 2015 which amassed the customers for two and half years. Golix have began trading the total value of transaction which can be estimating to the amount of US$9.9 million. The crypto exchange charges 3% on every transaction, 1% on the maker of the transaction and 2% on the taker. However, which means since 2015, the firm has made a profit of $297,000.

The ban of cryptocurrency in Zimbabwe have affected Localbitcoins trading exchange such as Golix, Bitfinance and Styx.24. As soon the ban was confirmed, Golix decided to slam a lawsuit against the RBZ for issuing a cryptocurrency ban all over the country. Golix claims that Governor of RBZ doesn’t have any knowledge for managing a local currency and have no right to ban cryptocurrency in the nation.

Golix’s petition

The exchange also alleges that Central bank doesn’t have any authority to ban digital currency and parliament have right to take such decisions. Bestowing to several reports, RBZ issued a ban in its circular to the banking institutions, Golix is organizing an Initial Coin Offering. The customers have also started withdrawing their money after RBZ have banned cryptocurrencies in the nation.

It is unfortunate for Golix and other cryptoexchange of Zimbabwe after digital currencies have been close in the nation. Let’s see how firmly these Golix over come this ban. Share your reviews through Twitter and Telegram.

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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