Zimbabwe is taking into account the growing demand for cryptocurrency among people, who sees this as a potential path to growth. The state was also receptive to regulation of the entire sector.
According to local news, the Zimbabwean government is considering using Bitcoin (BTC) as a legal payment method to meet this growing demand and use of this technology.
According to news reports, former retired Brigadier General Colonel Charles Wickwete, permanent secretary and head of the presidential office and e-government technology division under the Cabinet, confirmed that negotiations with the companies are already underway.
According to Wekwete, the disadvantages of a decentralized ecosystem include unregistered cross-border transfers, offshore money transfers, money laundering, and illegal cash flows for illegal or illegal follow-up.
He also mentioned that the authorities are trying to develop systems to protect consumers and help the country’s economic future. As a result, the government sought input from various sectors before making any major political changes.
Zimbabwe has not yet made any major statements, he said, adding that the country is still at the stage of consultations.
The Zimbabwean government has embraced the concept of the digital economy as part of its national development strategy1, which it describes as a way to link government and business efforts to implement the digital economy vision.
Several countries have adopted El Salvador’s policies to activate and regulate the use of bitcoins. Despite widespread criticism from the public and around the world, the El Salvadorian government continues to support Bitcoin legislation. On Twitter, Salvadorian President Nep Bukele praised the plan’s success, noting that the profits from the bitcoin will be used to build 20 schools and hospitals in the country.
Africa is a great testing ground for cryptocurrencies, and many companies are currently producing goods and services that are suitable for different countries on the continent – in particular, to fill the gap between African countries and other countries when it comes to cross-border payments.
From July 2020 to June 2021, the cryptocurrency market in Africa grew more than 1200%, according to Cointelegraph, according to Chainalysis. Large distribution was observed in Kenya, South Africa, Nigeria and Tanzania.