Zimbabwe has been paying attention to the growing demand for cryptocurrencies among its people, which he sees as a possible growth path. The country has also been receptive to regulation of the entire sector.
The government of Zimbabwe is considering using Bitcoin (BTC) as a legal payment option to meet this growing demand and take advantage of the technology, according to local news.
According to the news, the retired brigadier colonel Charles Wekwete, permanent secretary and head of the president’s office and cabinet e-government technology unit, confirmed that talks with the companies are already underway.
According to Wekwete, Disadvantages of the decentralized ecosystem include unrecorded cross-border transfers, money outsourcing, money laundering, and illicit cash flow to subsequent illicit or illegal actions.
He also stated that the authorities are trying to develop regulations to protect consumers and help the country’s financial future. As a result, before making major policy changes, the government has sought input from different sectors.
Zimbabwe has yet to make major statements, according to the official, who added that the country is still in the consultation stage.
The government of Zimbabwe has accepted the digital economy framework as part of the National Development Strategy 1, referred to as a means of connecting government and business efforts to address the developing notion of the digital economy.
More countries are adopting El Salvador’s policy of allowing the use and regulation of Bitcoin. Despite the avalanche of criticism from the public and around the world, andThe government of El Salvador remained steadfast in its support for Bitcoin legislation. On Twitter, Salvadoran President Nayib Bukele praised the success of the plan and stated that Bitcoin proceeds will be used to build 20 schools and a hospital in the country.
Africa is a fantastic testing ground for cryptocurrencies, and many companies are now producing goods and services suitable for various countries on the continent, that is, to fill the gap between African nations and other countries in terms of cross-border payments.
As reported by Cointelegraph, between July 2020 and June 2021, the cryptocurrency market in Africa grew more than 1,200%, according to Chainalysis. A high presence was observed in Kenya, South Africa, Nigeria and Tanzania.
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