The Zimbabwe Stock Exchange (ZSE) is looking into blockchain technology reports local publication Chronicle. According to the publication, ZSE chief executive Justin Bgoni is open to blockchain technology but first wants regulation on how to do so.
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Speaking at a C-Trade investor conference, Bgoni said:
“It’s something (Blockchain technology) we need to look into, though not now, the technology is very good. Each transaction, you can see who owns it so it is easy to audit it that is why people like it, is easy to verify it, it is transparent and takes away fraud, that part of the technology you can see everything and it makes sense, it is definitely an area that ZSE can explore.”
Of course, Zimbabwe wouldn’t be the first cryptocurrency exchange to jump into blockchain tech. The Jamaica Stock Exchange is another case – a group who is looking into trading Ethereum and Bitcoin among other assets.
Yet, as mentioned, Bgoni is still unsure regarding regulation, as are a lot of these groups:
“Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good.”
This news comes shortly after the ZSE brought in its C Trade platform for mobile. It ensures users can trade assets via their phone at any time.
Moreover, the interest in blockchain marks an overall change in Africa’s financial infrastructure. According to Rose Mlambo, chief executive at the Kenya Central Depository and Settlement Corporation (CDSC), blockchain is “the next big step” in reforming the entire country:
“Blockchain is the next big step in technology on our capital markets as Africa. It is good and enhances the security of your investment, every time you do a transaction it is recorded everywhere and cannot be altered at any stage. This is what investors want to boost their confidence.”
However, with more interest in blockchain in Zimbabwe also have come scam products such as the Bitcoin Code software and Bitcoin Loophole robot which have been defrauding crypto enthusiasts for some time. This comes to no surprise considering that more and more people have been trying to profit from cryptocurrency trading with the rise of the Bitcoin Era.
More and more people have since turned to regulated brokers such as eToro where you can buy and sell bitcoin and hold Bitcoin wallets safely.