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Zimbabwe Could Be Next Country to Adopt BTC as Legal Tender

UTC by Sanaa Sharma · 3 min read
Zimbabwe Could Be Next Country to Adopt BTC as Legal Tender
Photo: Depositphotos

In recent times, many countries are conforming to the crypto world, with El Salvador’s policy of utilizing Bitcoin being at the forefront of their new venture.

The next country to jump on the crypto bandwagon is the African country – Zimbabwe. The government authorities have been specifically following the rising demand for crypto among its people, which has been viewed as an immaculate route for economic growth. The country has welcomed the increasing demand for regulations in the crypto sector. The government of Zimbabwe is planning to use the largest cryptocurrency in the world, Bitcoin (BTC) as a legal payments option to satisfy the skyrocketing demand and ensure the use of the technology in the industry.

According to the local news, the government secretary and head of the office of the President and cabinet’s e-government technology unit; retired Brigadier Colonel Charles Wekwete, officially verified the conjectures, confirming that further discussions with respective businesses are taking place.

In addition to the above statement, Wekwete talked about the limitations of decentralized technology, which included unauthorized cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into subsequent illegal and unethical practices.

While this is true, Brigadier Colonel Wekwete asserted that the regulatory authorities are coming up with rules and mandates to safeguard the privacy of consumers and aid the overall country’s economical future. Following up on the previous idea, it was suggested that before any significant policy decision was made, the government should take some help and advice from other sectors.

Zimbabwe, as of now, has not made any major announcement related to BTC. According to the sources, the African country is still in the consultation phase and is adamant to make an informed decision involving the crypto world. The government of Zimbabwe has welcomed the digital economy infrastructure as part of the National Development Strategy 1. This is consulted to help reach out to the business substructures being created in the country and to help in building the digital economy of the nation.

In recent times, many countries are conforming to the crypto world, with El Salvador’s policy of utilizing Bitcoin being at the forefront of their new venture. Even with tons of allegations and backlash faced by El Salvador’s government, the country is wholeheartedly backing the Bitcoin legislation. According to the President of Salvador Nayib Bukele, the earnings from Bitcoin can be used to build twenty schools and a hospital in the country.

Africa has proven to be an amazing testing ground for cryptocurrency, with many organizations and firms generating goods and services associated with different nations on the continent. The common practice is carried out to bridge the gap between African and other countries in terms of cross-border payments. Between July 2020 and June 2021, Africa’s crypto market escalated by over 1200%. Countries like Kenya, South Africa, Nigeria, and Tanzania were some of the highest accessors of the crypto industry.

Bitcoin News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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