The Zimbabwe Stock Exchange Hints At Blockchain Integration  

click here to see original post

At a time when forward-thinking financial institutions across the globe are increasingly integrating distributed ledger technology (DLT) into their processes in a bid to foster transparency and enhance productivity, the Zimbabwe Stock Exchange (ZSE) is also looking to explore the revolutionary technology, according to local news outlet, Chronicle on May 21, 2019.

ZSE Open to DLT

Per sources close to the matter, Justin Bgoni, the CEO of Zimbabwe Stock Exchange, Justin Bgoni has hinted that the exchange has a liberal stance towards blockchain technology and could soon start exploring ways to leverage the technology in the near future.

Specifically, the ZSE chief executive stated that the exchange could formulate new products and services powered by blockchain technology including real estate investment trust securities (REITS), mineral commodities exchange, exchange-traded funds (ETFs) as well as other innovative products that would transform the platform into a world-class exchange.

In his words:

“It’s a technology we need to look into, though not now, the technology is very good. Each transaction, you can see who owns it so it is easy to audit.”

Bgoni further noted that the transparent nature of blockchain technology makes it easier for market participants to mitigate fraud.

Amenable Regulation Critical

While a handful of African nations like Uganda, Ethiopia, and others have already embraced digital assets and the underlying blockchain technology, Mr. Bgoni says Zimbabwe still sits on the fence, without any serious plan to regulate its cryptospace.

“Then there is the money side (cryptos) to blockchain technology. this is a bit difficult, in terms of regulation, we are not yet clear on this and we do not to do something where regulation is not clear as an exchange. But the technology sie is very good,” he said.

In terms of blockchain adoption and crypto regulation, Kenya has definitely taken more positive steps than Zimbabwe, with several micro, small and medium enterprises (MSMEs) already integrating the technology into their processes.

Mrs. Rose Mlambo, CEO of Kenya’s Central Depository and Settlement Corporation (CDSC), has urged Zimbabwe to learn from Kenya, as the latter is actively using new technologies to revolutionize its economy.

She said:

“Blockchain is the next big step in technology on our capital markets as Africa. It is good and enhances the security of your investment,”

As reported by BTCManager in September 2018, the chairman of the blockchain technology task force, Bitange Ndemo urged the nation’s financial authority to tokenize the economy in order to reduce corruption and economic hardship.  

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4
Share !

Original post link :