Zimbabwe is now holding consultations on the increased interest in cryptocurrency and the associated concerns. Zimbabwe has been monitoring the growing demand for cryptocurrency among its citizens, which it considers as a potential source of growth. Additionally, the country has been amenable to the idea of regulating the entire economy.
According to local reports, Zimbabwe’s government is considering employing Bitcoin (BTC) as a legal payment option in order to meet this growing demand and harness the technology.
According to the press, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the presidential and cabinet office’s e-government technology unit, acknowledged that conversations with firms have already begun.
According to Wekwete, the decentralized ecosystem’s downsides include unregistered cross-border transactions, money externalization, money laundering, and ill-gotten funds flow into future illicit or unlawful acts.
Additionally, he noted that officials are working to implement legislation that will safeguard consumers and benefit the country’s financial destiny. As a result, the government has sought input from several industries prior to adopting significant policy changes.
According to the official, Zimbabwe has not yet made any significant pronouncements and is still in the consultation stage. Zimbabwe’s government has embraced the digital economy framework as part of its National Development Strategy 1, describing it as a means of integrating government and corporate initiatives to meet the emerging concept of the digital economy.
More countries are following El Salvador’s lead in allowing for the use and regulation of Bitcoin. Despite widespread public and international condemnation, El Salvador’s administration remained resolute in its support for Bitcoin legislation. Salvadoran President Nayib Bukele welcomed the plan’s success on Twitter, noting that the country’s Bitcoin earnings will be used to build 20 schools and a hospital.
Africa is an excellent testing ground for Bitcoin, and many businesses are now providing goods and services tailored to the continent’s diverse countries — specifically, to fill the hole in cross-border payments between African states and other countries.
According to Chainalysis, Africa’s cryptocurrency industry expanded more than 1,200 percent between July 2020 and June 2021, as reported by Cointelegraph. Kenya, South Africa, Nigeria, and Tanzania all showed high penetration.
Also Read: ASTRA Protocol And Squire Patton Boggs Partner On Crypto Compliance For Institutional Investors
Wallets