The reserve bank of Zimbabwe is said to be developing a sandbox that is set to serve as a framework for developing regulation that keeps up with the fast pace of innovation as reported by local newsmen.
The report purports that the bank would be creating a regulatory framework that would ensure companies involved in cryptocurrency go through a special regulatory sandbox. This is to help the bank to decide which company can be allowed to operate independently.
In his words, speaking at the Sound Prosperity Economic Forum in Bulawayo, Musephat said, “Once you enter the sandbox you either exist as a bonafide product to enter the market or you are guided to say that you need to partner a bank, a mobile money platform or your product needs to be licensed like a microfinance company”
He admitted that crypto posed a regulatory challenge as currency was a prerogative of central banks. He, however, added that the decision to regulate was motivated by its growing popularity with the country’s younger generations who were facing challenges of having capital.