Reserve Bank of Zimbabwe Taken To Court Over Cyptocurrency Ban

Zimbabwe’s largest cryptocurrency exchange Golix has taken the Reserve Bank of Zimbabwe (RBZ) to the High Court.

In its urgent chamber application Golix questions whether RBZ has authority to declare cryptos illegal. Golix argues that by declaring cyptos illegal, RBZ is usurping the power of Parliament which they say has the authority to formulate legislature banning virtual currency. Part of Golix’s application reads:

I submit that the ban in effect outlaws and classifies as illegal Applicant’s operations. The Respondents are in fact purporting to classify the trade in cryptocurrency as illegal. That will amount to law making, a function that belongs to the legislature and not the Respondents. Respondents are thus clandestinely usurping Parliament’s law making
powers

Golix further argues that RBZ did not give reasonable notice and right of response when they issued their directives which they argue means a breach of Administrative Justice since the RBZ is founded by statute as an administrative body. Golix explains that they met the RBZ several times including one day before the RBZ released the circula banning trade in cryptocurrency and four days before the RBZ wrote Golix directly. Golix also argues the RBZ acted unconstitutionally and cite section 68 of the constitution.

More: Techzim

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