A Zimbabwean fintech lawyer, Prosper Mwedzi, recently initiated a process that seeks to bring recognition and regulation of cryptocurrencies. Under this private member bill procedure, a legislative proposition initiated by private citizens will be debated in the Zimbabwean parliament. If the crypto regulation bill succeeds in garnering the required support, it will become part of the country’s national laws.
Meanwhile, Mwedzi’s attempt to use the private bill to bring regulation to Zimbabwe’s crypto space comes more than two years after the Reserve Bank of Zimbabwe (RBZ) issued a public advisory against cryptocurrency trading. For an update on the private bill’s progress, Terence ZImwara of Bitcoin.com News recently reached out to Mwedzi. Below are Mwedzi’s responses to a set of questions that were sent to him.
Bitcoin.com News (BCN): Can you start by telling us what prompted you to go the route of a Private Member’s Bill?
Prosper Mwedzi (PM): We have been trying to get regulators thinking about the future of digital assets in our economy since 2018 but there has been no meaningful engagement or progress. Going down the Private Bill route is a sign of frustration about inaction by regulators as we feel that we have exhausted all the other available avenues.
BCN: Can briefly tell us what this process is really about?
PM: The bill is all about enabling innovators and entrepreneurs to operate in the market under oversight by the Reserve Bank. This has the ability to strike a balance between protecting the public and enabling innovation. The Zimbabwean constitution provides for citizens to be able to legislate in their area of interest by following the private bill procedure although this is not very common.
BCN: What is the current status of the bill and what has been the reaction like?
PM: Currently, we are trying to create awareness about the technology and form alliances with stakeholders to promote the bill to the…