Tue. Aug 9th, 2022
Zimbabwe might be the next country to accept Bitcoin as a form of payment.

Zimbabwe might be the next country to accept Bitcoin as a form of payment.

 

Zimbabwe might be the next country to accept Bitcoin as a form of payment.

Zimbabwe has been paying attention to the growing demand for cryptocurrency among its citizens, which it sees as a potential source of revenue. The country has also shown an interest in regulating the entire industry.

According to local reports, Zimbabwe’s government is considering using Bitcoin (BTC) as a legal payment option to address this rising demand and harness the technology.

According to the report, the permanent secretary and head of the office of the president and cabinet’s e-government technology section, retired Brigadier Colonel Charles Wekwete, indicated that talks with firms are already ongoing.

 

Unregistered cross-border transactions, externalization of money, money laundering, and ill-gotten cash flow into future criminal or unlawful acts are all drawbacks of the decentralized ecosystem, according to Wekwete.

 

He also claimed that officials are working to implement legislation that would safeguard consumers while also assisting the country’s financial destiny. As a result, the administration has solicited input from several industries before implementing any major policy changes.

According to the official, Zimbabwe has not yet made any big pronouncements, and the country is still in the consultation stage.

The Zimbabwean government has approved the digital economy framework as part of National Development Strategy 1, which it describes as a way to combine government and private sector activities in tackling the evolving digital economy.

 

More nations are following El Salvador’s lead in allowing and regulating Bitcoin use. Despite widespread public and international condemnation, El Salvador’s administration remained steadfast in its support for Bitcoin legislation. Salvadoran President Nayib Bukele welcomed the plan’s success on Twitter, saying that the money obtained through Bitcoin will be used to build 20 schools and a hospital in the nation.

 

Africa is a perfect testing ground for bitcoin, and many firms are already providing goods and services tailored to various African countries — particularly, to cover the hole in cross-border payments between African countries and other countries.

 

According to Chainalysis, Africa’s cryptocurrency industry surged by over 1,200 percent between July 2020 and June 2021, as reported by Cointelegraph. Kenya, South Africa, Nigeria, and Tanzania all had high penetration rates.

 

 

Leave a Reply

Your email address will not be published.