Zimbabwe could be the next country to adopt bitcoin as legal tender – News Couple

Zimbabwe could be the next country to adopt bitcoin as legal tender

Zimbabwe is paying attention to the growing demand for cryptocurrency among its people, which it sees as a potential avenue for growth. The state was also receptive to regulating the entire sector.

The Zimbabwean government is considering using Bitcoin as a legal payment option to meet this growing demand and harness the technology, according to local news.

According to the news, Retired Brigadier General Charles Wikwete, Permanent Secretary and Head of the Office of the President and Cabinet e-Government Technology Unit, confirmed that discussions with the companies are already underway.

According to Wekwete, the flaws in the decentralized ecosystem include unregistered cross-border transfers, offshore money transfers, money laundering, and illicit cash flows into illegal or illegal subsequent actions.

He also stated that the authorities are trying to develop systems to protect consumers and help 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, the official said, adding that the country is still in the consultation stage.

The Zimbabwean government has accepted the Digital Economy Framework as part of its National Development Strategy1, which it refers to as a way to link government and business efforts in addressing the concept of digital economy development.

More countries are adopting El Salvador’s policy to enable and regulate the use of Bitcoin. Despite the outpouring of criticism from the public and from around the world, the government of El Salvador has remained adamant in its support for Bitcoin legislation. On Twitter, El Salvador’s President Nayib Bukele praised the plan’s success, noting that bitcoin profits will 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; That is, to fill the void between African countries and other countries in terms of cross-border payments.

According to Cointelegraph, between July 2020 and June 2021, the cryptocurrency market in Africa grew by more than 1,200%, according to Chainalysis. Significant penetration was seen in Kenya, South Africa, Nigeria and Tanzania.