Zimbabwe has been concentrating on the growing demand for cryptocurrency among its citizens. Which it sees as a potential source of revenue. The country is presently holding consultations on the increased interest in cryptocurrency and the associated hazards. As well as the possibility of regulating the entire sector.
According to local reports, Zimbabwe’s government is considering using Bitcoin (BTC) as a legal payment method. In order to address this growing market and harness the technology.
Talks with firms are in progress
As per the press, permanent secretary and head of the president and cabinet’s e-government technology unit, retired Brigadier Colonel Charles Wekwete, revealed that talks with firms are already ongoing.
Unregistered cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into future illicit or unlawful actions are all drawbacks of the decentralized ecosystem, according to Wekwete.
He also claimed that officials are working to implement legislation. That will protect consumers while also assisting the country’s financial destiny. As a result, the administration has sought input from several industries before implementing any major reforms.
According to the official, Zimbabwe has not yet made any big pronouncements. And the country is still in the concept of implementation.
The Zimbabwean government has approved the digital economy model as part of National Development Strategy 1, which it describes as a way to combine government and private sector activities in tackling the evolving digital economy.
Several countries are contemplating accepting Bitcoin as a form of payment
More countries are following El Salvador’s lead in allowing and regulating Bitcoin use. Notwithstanding widespread public and international condemnation, El Salvador’s administration remained steadfast in its support for Bitcoin legislation. Salvadoran President Nayib Bukele welcomed the plan’s accomplishment on Twitter, saying that the money obtained through Bitcoin will be used to build 20 schools and a hospital in the nation.
Africa is a perfect staging point for bitcoin, and many firms are now providing goods and services tailored to various African countries — particularly, to cover the hole in cross-border payments between African countries and other countries.
According to Chainalysis, Africa’s cryptocurrency market surged by over 1,200% between July 2020 and June 2021. Kenya, South Africa, Nigeria, and Tanzania all had higher usage rates.