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Zimbabwe May Embrace Bitcoin As Legal Tender

Zimbabwe government is considering utilizing Bitcoin (BTC) as a legal payment option. To meet this growing demand and harness the technology.

Zimbabwe has been paying attention to the increasing demand for crypto among its people, which it views as a possible avenue for growth. As a result, the country has also been receptive to regulating the entire sector.

According to retired Brigadier Colonel Charles Wekwete, the president and cabinet’s office’s permanent secretary and head of the president and cabinet’s e-government technology unit confirmed that discussions with businesses are already underway.

According to Wekwete, the disadvantages of the decentralized ecosystem include unregistered cross-border transfers, externalization of money. Also money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions.

Zimbabwe yet to made any major declarations

The government of Zimbabwe has accepted the digital economy framework as part of National Development Strategy 1, which it refers to as a means for connecting government and business efforts in addressing the developing notion of the digital economy.

Authorities are attempting to develop regulations to protect consumers and help the country’s financial future. As a result, before making any major policy changes, the government has sought input from different sectors.

Brigadier Colonel Charles Wekwete

According to the official, Zimbabwe has not yet made any major declarations, which added that the country is still in the consultation stage.

Africa is a great testing ground for cryptocurrency. Many businesses are now producing goods and services suited to various countries on the continent, namely, filling the void between African nations and other countries in cross-border payments.

More countries are adopting El Salvador’s policy of enabling Bitcoin use and regulation. Despite the flood of criticism from the public and throughout the world, El Salvador’s government remained adamant in its backing for Bitcoin legislation.

On Twitter, Salvadoran President Nayib Bukele praised the plan’s success. Stating that Bitcoin earnings will be used to build 20 schools and a hospital in the country.

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