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Zimbabwe Making Plans Towards Becoming the Next Country to Adopt Bitcoin as Legal Tender

Zimbabwe seems to be softening its attitude on cryptocurrency for the first time in a while as it shapes to follow in El Salvador’s footsteps.

Zimbabwe’s Past Affair With Crypto

Toward the end of 2017, Zimbabwe’s central bank, The Reserve Bank of Zimbabwe, made a statement stating its conservative position on Bitcoin usage in the country. The Reserve Bank claimed that the country's laws do not apply to digital currencies. All banks were then instructed to adhere to the government’s position by stopping any crypto transactions under their jurisdiction.

It is 2021, however, and Zimbabwe's finance minister, Mthuli Ncube, recently said that the country could no longer ignore cryptocurrencies at this stage. Cryptocurrencies could also be used as an investment class instrument rather than legal tender, according to the minister.

Zimbabwe’s Government Embrace Cryptocurrency Adoption

Bitcoin (BTC) is now being explored as a legal payment option in Zimbabwe to address this rising demand and to make use of the technology according to local news.

Although, aside from the rippling excitement, Zimbabwe is also conducting discussions about the increased interest in crypto and the possible hazards associated with a technology they are not familiar with.

Minister Ncube's recent words may indicate a change in the Zimbabwean government's stance toward digital currencies. It appears, however, to some Zimbabweans, that the minister could be promoting blockchain technology as a way for his administration and others to exploit possible opportunities, without giving up any economic power.

The permanent secretary and head of the office of the president and cabinet’s e-government technology unit, retired Brigadier Colonel Charles Wekwete, also stated that conversations with crypto and blockchain firms are already taking place. Unlicensed cross-border transactions, money laundering, and ill-gotten wealth are among Wekwete's concerns about the decentralized ecosystem.

According to him, new policies are being developed to safeguard consumers and improve the country's economic future.

Prior to implementing any significant policy changes, the administration has solicited opinions from a variety of stakeholders. Sources say that Zimbabwe has not yet made any big pronouncements and is still in the consultation stage.

El Salvador's stance of allowing Bitcoin usage and regulation could be on the verge of being adopted by a growing number of nations. The country’s administration stayed steadfast in its support for Bitcoin legislation despite widespread public and international condemnation. President Nayib Bukele of El Salvador hailed the idea on Twitter, claiming that Bitcoin proceeds would be used to create 20 schools and a hospital in the nation.

Crypto Adoption in Africa

In order to bridge the gap between African countries and other countries in terms of cross-border payments, many firms are now manufacturing items and services that are tailored to different countries on the continent.

According to Chainalysis, the African cryptocurrency market expanded by more than 1,200 percent between July 2020 and June 2021. Kenya, South Africa, Nigeria, and Tanzania all had high levels of usage. Zimbabwe might just be about to join that list.

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