The Zimbabwean Central Bank has decided to legalize the cryptographic currency.

   Previously, the Zimbabwean authorities had not been noticed to have a positive attitude towards crypt currencies and created barriers to business. But now the country's Central Bank plans to regulate crypto assets.

The Reserve Bank of Zimbabwe is preparing bills on the legalization of cryptocurrencies and guidelines for cryptographic companies. Previously, the country's Central Bank warned citizens about the danger of investing in crypto-currency, especially in unregulated space, but now it has replaced anger with mercy. The growth of the financial sector in Zimbabwe has also contributed to this, especially in the insurance, payment and trade sectors.

"We have already started working on regulations, because everything in regulation must be well structured. As part of the regulatory sandbox, we will assess the cryptovoltaic companies and how they should work," said Josephat Mutepfa, Deputy Director for Financial Markets and National Payment Systems at RBZ.

Josephat Mutepfa noted that the cryptovrency market is dominated by young entrepreneurs, who often lack capital. It is also important that banks are reluctant to provide loans to companies operating in innovative areas. And for the government it is difficult to adapt monetary policy so that all sectors of the economy could develop.

At the same time, the local consortium for trade in crypt currencies SPURT is looking forward to developing regulatory documents. Legalization of crypt-currency will help growth of the market of digital assets, believes Brian Maseva, advisor to SPURT:

"Meeting with the central bank will help our growth and attract the public to the digital currencies that are capturing the financial sector. We already know that there will be laws and recommendations that we will have to follow".

Currently, Zimbabwe's crypt currencies are not regulated. Back in 2017, the country's Central Bank announced that it would not recognize Bitcoin as a means of payment. And in 2018, local banks were banned from working with cryptographic companies.