Zimbabwe Stock Exchange (ZSE) has indicated strong interest in adopting blockchain technology, according to a report by local news outlet The Chronicle.
Speaking in favour of blockchain technology, newly appointed CEO of ZSE Justin Bgoni remarks:
Each transaction, you can see who owns it so it is easy to audit it, that is why people like it. It is easy to verify, it is transparent and takes away fraud, that part of the technology you can see everything and it makes sense, it is definitely an area that ZSE can explore.
On regulatory certainty, he continued:
… then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good.
ZSE is considering blockchain utility services and products for real estate investment trust securities (REITS), mineral commodities exchange and exchange traded funds (ETFs).
Just as in many jurisdictions, Zimbabwe is yet to get clarity on the role of blockchain and cryptocurrency. The nation had in 2015 seen its national fiat (Zimbabwean Dollar Z$) collapse amid a struggling economy. Following the decline, suggestions of adopting blockchain-based/digital currencies had been raised.
The country has also played host to a number of initiatives in the sector. Notably, a Blockchain Summer School in November last year; as part of efforts to infuse the tech and education among its people.
Globally, various stock exchanges including the Jamaican Stock Exchange (JSE), US- based Nasdaq and Swiss-based SIX stock exchange have all made varying advancements in the cryptocurency and blockchain sector, offering digital products and services to investors.
What use cases do you foresee for blockchain technology in Africa? Share in the comments.