The Reserve Bank Of Zimbabwe today, during the digital and mobile money conference had the pleasure to misinform decision makers and executives that they are yet to look into ways of regulating the Bitcoin and warned any Zimbabwean against accepting the use of such currency as a risk they take at their own peril.
Speaking during a question and answer session, the director national payments for RBZ Mr Josephat Mutepfa hit an unnecessary panic button and warned Zimbabweans against the currency while he openly acknowledged that they were not yet ready to accept neither do they understand how the digital currency works.
Mr Mutepfa misinformed the delegates that they are in a process of regulating a currency, which in its own nature can not be regulated because they do not own it neither does the RBZ or any regional regulatory authority will ever have such powers.
No Individual or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions – one reason why many people are attracted to it, it is infact the only free currency that Zimbabweans need to use since the RBZ has failed to even manage the US dollar.
What probably disappointed me the most was that he was too too quick to warn the delegates against the currency, as if they will be making a serious mistake into accepting an illegal currency which will lead to nothing but demise.
The focus of the mobile money conference was seriously looking into the new opportunities and trending technologies, a move which the advisor should have accepted and applauded for impacting the new world order, and quiet relavant for us a nation.
Zimbabwe is currently grappling not only in cash crisis but in actual monetary crunch since the same RBZ took over management of international nostro accounts, funds which we doubt to date if they exist at all as the financial sector continues to crumble under the RBZ quasi policies.