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

Zimbabwe’s government is considering utilizing Bitcoin (BTC) as a legal payments option to meet this growing demand and harness the technology, according to local news.

According to the news, retired Brigadier Colonel Charles Wekwete, the permanent secretary and head of the office 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, money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions.

He also stated that the 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.

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

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.

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.

Africa is a fantastic testing ground for cryptocurrency, and many businesses are now producing goods and services suited to various countries on the continent – namely to fill the void between African nations and other countries in terms of cross-border payments.

As reported by Cointelegraph, between July 2020 and June 2021, Africa’s cryptocurrency market grew by over 1,200%, according to Chainalysis. High penetration was seen in Kenya, South Africa, Nigeria, and Tanzania.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?

Bitcoin price shows a resurgence of buying pressure as the eastern markets open fresh to a new week. This development, while bullish, could turn sour if BTC fails to overcome a significant hurdle. Assuming this occurs, the recent surge in Ethereum, Ripple and other altcoins could also quickly come undone.

More Bitcoin News

Dragoma on Polygon suffers rug pull, DMA price declines 99.8%

Dragoma on Polygon suffers rug pull, DMA price declines 99.8%

Dragoma on the Polygon Network was hit by a rug pull, leaving DMA holders in a fix. DMA price declined 99.8% since the incident. MATIC’s climb to its $1 target remained unaffected by the event.

More Polygon News

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

Tezos price shows a steady grind toward its forecasted target. This development comes after a successful breakout from a bullish pattern. Investors can decide if they should hop on this train or stay away by looking at how XTZ reacts to an upcoming resistance level.

More Tezos News

Here’s what to do if you missed the recent AVAX price rally

Here’s what to do if you missed the recent AVAX price rally

AVAX price shows no signs of stopping as it bounced off a stable support level on August 2 and triggered a massive run-up. This move seems to have reached an upper limit for now and is likely to pull back a little. 

More Avalanche News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP