Zimbabwe is considering utilizing Bitcoin as a legal payments
Like El Salvador, the Zimbabwean government and Zimbabwe is using Bitcoin as a legitimate payment option to meet this growing demand and exploit the technology.
Zimbabwe may be the following country to embrace Bitcoin as legal tender
Zimbabwe has taken notice of the growing demand for cryptocurrency by its people, which it sees as a possible avenue for growth. The country has also been receptive to regulating the entire sector.
According to local news Bulawayo24, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the office of the president and cabinet’s e-government technology unit, confirms that discussions with the business have been conducted.
“The disadvantages of the decentralized ecosystem include unregistered cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions,” Wekwete stated.
Authorities are working to develop regulations to protect consumers and help the country’s financial future. Therefore, before making any significant policy changes, the government sought input from various sectors.
Zimbabwe has yet to make a significant statement as it is still in the consultation phase. Some countries are already using cryptocurrencies like blockchains as a payment method. In contrast, others such as Zimbabwe are skeptical of the facility due to its possibilities to facilitate cross-border movement and externalization of funds, money laundering, and illicit flow of funds to fund illegal activities.
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.
Many countries are adopting El Salvador’s Bitcoin permission and regulation policies. Despite criticism from the public and around the world, the government of El Salvador remains steadfast in its support of Bitcoin legislation, as AZCoin News reported.
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