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Zimbabwe Potentially to Be The Next Nation Legally Supporting Bitcoin

By Chris Torres | November 10, 2021

Zimbabwe has reportedly been adopting an active stance in catering to the rising demand for crypto from its citizens, which it believes to be a potential way to achieve further development. 

Specifically, the authority of Zimbabwe is reportedly taking into consideration taking advantage of Bitcoin (BTC), adding it to the list of legalized payment mediums, so as to satisfy the rising demand, as well as making appropriate use of the tech. 

Retired Brigadier Colonel Charles Wekwete – the permanent secretary and head of the office of the president and cabinet’s e-government technology unit, reportedly shared his confirmation regarding the ongoing progress of discussions with establishments. 

Per Wekwete, the cons of the decentralized ecosystem are reportedly unregistered cross-border transfers, externalization of money, money laundering, together with wrongfully acquired cash flow into subsequent illicit or unlawful actions.

He further claimed that the government is investing efforts in designing regulations as a means of protection for consumers, as well as to assist the financial future of the nation. 

Consequently, prior to finalizing any significant policy adjustments, the government reportedly seeks feedback from a variety of industries. 

The government of Zimbabwe has reportedly shared their acceptance of the digital economy framework, as included in its National Development Strategy 1, which it mentions as a way for establishing connections between government and business attempts, in terms of handling the developing notion of the digital economy.

More nations are following El Salvador’s footstep in allowing Bitcoin use and regulation. Regardless of the abundance in criticism issued by the public and across the globe, El Salvador’s government still keeps an adamant attitude for its support of Bitcoin legislation.

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