Zimbabwe Mulls Legalising Cryptocurrency as Legal Tender, Consultations With Private Sector Underway

The Zimbabwean government is reportedly considering adopting the national currency, the Zimbabwean dollar, as well as the decentralized cryptocurrency bitcoin as a legal payment option. Charles Vaquet, the head of e-government technology in the South African country, has revealed that discussions are underway with private sector players to legalize bitcoin payments. He did not say when a final decision on the subject should be expected from the Zimbabwean government.

According to Wekwete, the government fears that cryptocurrency They can be exploited by notorious people to facilitate malpractices such as money laundering and to fund other illegal activities with little or no chance of being detected.

“Governments are still trying to formulate and properly understand policies on how to deal with it (cryptocurrency). In our case, initially we were trying to understand their implications as they are one of the financial instruments already known. There are fundamental departures and there are a lot of apprehensions about cross-border movement of money, money laundering, money externalization and illegal flow of money. Illegal issues,” a report good Zimbabwe’s news portal Bulawayo24 quoted the top official as saying.

Suggestions are invited by individuals and companies under the private sector to participate in the finalization Bitcoin adoption in Zimbabwe

Wekwete noted that after the government adopted the first digital economy framework, “cryptocurrency cannot be ignored”.

earlier this year, El Salvador Became the first country in the world to legalize bitcoin as legal tender.

The idea that Zimbabwe could follow El Salvador on the path of cryptocurrency adoption has opened a deluge of opinion on Twitter.

In October, an MP in Tonga, the last Polynesian kingdom of the South Pacific pushed for bitcoin adoption, saying remittance-dependent countries could save boatloads of money that are currently deducted by banks in the form of service fees, which are collected from their foreign countries. Citizens working in are sent back home.

In recent times, crypto culture has seen massive expansion across the globe. While the governments of many countries such as the US, India and Pakistan are working on regulating the crypto space, many international companies are embracing the culture.

According to the market research tracker, currently, the overall valuation of the crypto market is approaching the $3.007 trillion (approximately Rs.2,22,79,296 crore)-mark. coingeco.

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