Golix, a Zimbabwean cryptocurrency exchange, challenged the countries crypto ban. Golix wins the case as the defendants fail to show up to the court proceedings.
On May 12th, the Reserve Bank of Zimbabwe (RBZ), demanded that financial institutions stop transacting in cryptocurrencies. A couple of days later, the RBZ ordered the closure of all cryptocurrency exchanges in the country.
Golix, the largest cryptocurrency exchange in Zimbabwe, quickly challenged this request. Golix requested an urgent chamber application at Zimbabwe’s High Court to argue that the RBZ did not have the authority to issue the ban on cryptocurrencies, citing the Constitution of Zimbabwe.
Golix did not even have to fight for the High Court to lift the ban since the RBZ failed to show up to the court proceedings. With the cryptocurrency ban lifted, Golix and other cryptocurrency exchanges will be allowed to resume operations, and financial institutions are permitted to resume transactions with cryptocurrencies.
It is very interesting to see such a quick turnaround in legislation. Cryptocurrency was banned and subsequently unbanned in the span of fewer than two weeks.