An attorney in Zimbabwe who is an expert lawyer in the matters of fintech namely Prosper Mwedzi is trying to incorporate crypto regulation within the country. For fulfilling the purposes, the lawyer has duly started a process through which he is seeking to ensure recognition of digital assets and providing them with the necessary legal cover. He has now come up with the proposal which has been duly compiled in the form of a Bill which will soon be presented to the Parliament for examination, debate, and discussion.
Mwedzi is a fintech lawyer based in Zimbabwe and has been famous for his expertise in the field of fintech. He has been representing and rendering legal advice to, his clients who apparently are crypto investors and holders. Though the digital asset industry in Zimbabwe is relatively new, however, it has been growing continuously and rapidly.
The attorney was insisted upon by his clients and members of the local community to do something about cryptocurrencies. They wanted him to become their voice and represent before the relevant forum for making sure that digital assets are officially recognized. Upon their insistence, Mwedzi started preparing a crypto draft legislation Bill, which according to his announcement is ready now.
However, in normal circumstances, any Bill anywhere in the world is presented by Government, its functionaries, or by the lawmakers i.e. the Senators. But in the case of Zimbabwean crypto legislation, the Bill has been prepared by private parties i.e. individuals from the general public. This is the first of its kind Bill, which has ever been drafted in Zimbabwe.
He had informed that the Bill is ready and has been presented to the Zimbabwean Parliament for the purposes of examination. The Parliament will accordingly examine the Bill, discuss and debate upon it in the session, and will also seek out public comments. After the examination, if the law is able to acquire majority votes then it will be published officially under the Government seal.
The team of journalists at Bitcoin.com contacted Mwedzi and sought his comments about the Bill he had presented to the Zimbabwean Parliament.
Below are Mwedzi’s responses to a set of questions that were sent to him. He was asked particularly to respond to what prompted him to present the draft crypto legislative Bill. He replied that people like him have been trying to convince the regulators and authorities underneath them to do something about crypto since 2018. However, since then no work has been done towards recognizing crypto as means of investment and store of value.
We have been trying to get regulators thinking about the future of digital assets in our economy since 2018 but there has been no meaningful engagement or progress. Going down the Private Bill route is a sign of frustration about inaction by regulators as we feel that we have exhausted all the other available avenues. He suggested that now the Bill is in place and the Government is fully aware of the public opinion. It would be now easy for the government to incorporate the law and give proper legal cover to digital assets in the country.