RBZ calls Bitcoin illegal

The Reserve Bank of Zimbabwe (RBZ) has cautioned society against using Bitcoin, claiming its use is unlawful in the country
23 November 2017   1077

Despite the fact that RBZ recognised the economic benefits of using digital currencies such as Bitcoin, it considered that any form of unregulated alternatives should be treated with caution, even if it introduced the unbanked an opportunity to restore financial control.

The RBZ has been waned towards regulating the cryptocurrency stating that in spite of its popularity, the central bank counteracted its use due to lack of a regulatory frameworks for exchanges and start-ups providing digital currency related financial services.

Research is currently being undertaken to ascertain the challenges and risks associated with these particular products and until we have actually established and come up with a legal and regulatory framework for them, it will not be allowed.

 

Norman Mataruka

Top-manager and registrar of banking institutions, RBZ

Zimbabwe's central bank has earlier warned that people who are engaged in investing in cryptocurrencies could lose their funds without recourse.

Bakkt to Unveil Bitcoin Futures Test Date

Along with date announcement, COO Bakkt believes the platform will attract institutional investors and set new standards for the cryptocurrency market
14 June 2019   237

The Bakkt cryptocurrency platform has named the exact start date for testing Bitcoin futures. The first users will be allowed to test the tool on July 22.

According to Bakkt's Operations Director, Adam White, the platform will attract institutional investors and set new standards for the cryptocurrency market.

White pointed out that the wider distribution of cryptocurrencies, in particular, is hampered by unreliable pricing mechanisms and the likelihood of instantly falling rates.

Along with these problem-solving solutions that are new to digital asset markets, Bakkt also brings all the other features that institutions would expect in a versatile and broadly accessible market, including: block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.
 

Adam White

COO, Bakkt

At Bakkt, two futures contracts will be presented - with daily and monthly settlements. Risk management and the securing mechanism for these contracts will meet the standards of the traditional derivatives market.