Zimbabwe is aware of the growing demand for cryptocurrency among the people, which sees this as a potential path for growth. The state was also receptive to regulation at the sector level.
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 the news, the retired brigadier general, Colonel Charles Vikwete, permanent secretary and head of the presidential office and the technology arm of the Cabinet, confirmed that negotiations with the companies are already underway.
The disadvantages of the decentralized ecosystem include unrecorded cross-border transfers, offshoring of funds, money laundering, and poorly received cash flows for subsequent illegal or illegal activities, Vikwete said.
He also said authorities are trying to develop regulations to protect consumers and help the country’s economic future. As a result, the government sought input from various sectors before making major policy changes.
Zimbabwe has not yet made any major statements, the official said, adding that the country is still in the consultation stage.
The Zimbabwean government has adopted the Digital Economy Framework as part of its National Development Strategy1, which it describes as a way to bring government and business together to address the evolving concept of the digital economy.
Many countries have adopted El Salvador’s policy that allows the use and regulation of bitcoins. Despite the outpouring of criticism from the public and from around the world, the Salvadoran government still stands firmly behind the Bitcoin legalization. On Twitter, El Salvador’s president, Neb Bukele, hailed the success of the plan, noting that the bitcoin proceeds would be used to build 20 schools and hospitals in the country.
Africa is a great testing ground for cryptocurrencies, and many companies are now producing goods and services suitable for different countries on the continent, i.e. to fill the void between African and other countries when it comes to cross-border payments.
According to Cointelegraph, the cryptocurrency market in Africa grew by more than 1,200% between July 2020 and June 2021, according to Chainalysis. Penetration rates were high in Kenya, South Africa, Nigeria and Tanzania.