Zimbabwe has been paying attention to the rising demand for crypto among its population, which it sees as a potential growth path. The country is also receptive to regulation of the entire sector.
According to local news, the Zimbabwean government is considering using Bitcoin (BTC) as a legal payment option to meet this growing demand and take advantage of the technology.
According to the news, retired Brigadier General Charles Wekwete, permanent secretary and head of the e-government technology unit of the President and the Cabinet, confirmed that talks with companies are already underway.
The disadvantages of the decentralized ecosystem, according to Wekwete, include unregistered cross-border remittances, externalization of money, money laundering, and ill-gotten cash flow in subsequent illegal or unlawful acts.
He also stated that the authorities are trying to develop rules to protect consumers and improve the country’s financial future. As a result, before making any major policy changes, the government sought input from various sectors.
Zimbabwe has not yet made any major statements, said the official, who added that the country is still in the consultation phase.
The government of Zimbabwe has accepted the digital economy framework as part of the National Development Strategy 1, which it identifies as a means of combining government and business efforts in addressing the evolving concept of the digital economy.
More and more countries are adopting El Salvador’s policy of enabling the use and regulation of Bitcoin. Despite the barrage of criticism from the public and around the world, the government of El Salvador has remained tenacious in its support for Bitcoin legislation. On Twitter, Salvadoran President Nayib Bukele praised the plan’s success and stated that the proceeds from Bitcoin 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 different countries on the continent – namely to fill the gap between African nations and other countries in terms of cross-border payments.
As Cointelegraph reports, Africa’s cryptocurrency market grew by over 1,200% between July 2020 and June 2021, according to Chainalysis. High penetration was observed in Kenya, South Africa, Nigeria and Tanzania.