Zimbabwe considers “unstoppable” crypto as legal tender

2021-11-9 20:00

Local media reports that the Zimbabwe government is considering crypto as legal tender in the country. According to Bulawayo24, the country’s Director of IT and Communications, Charles Wekwete, said the government had opened dialogue with all stakeholders on the matter.

The comment came as Wekwete was speaking at the Computer Society of Zimbabwe (CSZ) Summit, which ended on the weekend. The central theme of the conference was the use of digital innovations as a means for post-pandemic recovery.

While much is said about the role of crypto in “saving” the economy, the issue is still a contentious one. However, as more countries warm to the idea of crypto playing a role in financial infrastructure, the strength of argument against it will begin tapering away.

As some predicted, El Salvador, being the first country to accept Bitcoin as legal tender, would set off a snowball reaction, as economically oppressed nations look elsewhere for a better deal.

Crypto as legal tender in Zimbabwe

During the CSZ Summit, Wekwete was asked about crypto adoption and the increasing trend towards digital payments. He responded by saying governments worldwide are still trying to get to grips with understanding digital assets and the implications of sanctioning its use.

Wekwete said, without first considering the ramifications of that, mainly how it may pertain to criminality, policymaking around crypto is somewhat cagey and not something to be rushed.

“there are a lot of fears about cross border movement of funds, money laundering, externalization of funds and illicit flow of funds to fund illicit issues.”

Wekwete said the government is currently gathering views on how best to develop a national policy towards crypto. But the conversations are being had, and a statement will be issued once ready.

“Sooner or later Government will make statements but we have not gotten there yet, the consultative process is already underway.”

Africa has no loyalty to legacy infrastructure

IOHK CEO Charles Hoskinson previously mentioned that Africa is the place where meaningful crypto adoption would happen first. He elaborated by saying this is because the continent, in general, has poor legacy infrastructure, leaving the region open for newer, more egalitarian approaches to flourish.

On-chain analytics firm Chainalysis said crypto adoption in Africa is up 1,200% in the year to September. They attribute this to people using crypto as a means to avoid banking and exchange rate restrictions.

Under the circumstances faced by everyday Africans, the benefits of using crypto are becoming acknowledged at the governmental level.

Last month, Zimbabwe’s Finance Minister, Mthuli Ncube, said given that 30% of young people invest in crypto makes it unstoppable. As such, he thinks the path forward is to “regulate it properly,” instead of trying to curb its use.

The post Zimbabwe considers “unstoppable” crypto as legal tender appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

legal tender zimbabwe crypto considers unstoppable cryptoslate

legal tender → Результатов: 126


Brazilian Presidential Candidate Pledges To Legalize Bitcoin (BTC) If Elected

A presidential candidate in Brazil has pledged to legalized cryptocurrency in the country if elected. He revealed this through his Twitter handle on the 7th of August, as he affirmed the local currency of the nation remains the national currency of the country as a legal tender for transactions, but cryptocurrency will obtain the status […]

2018-8-12 06:40


Фото:

Why Iran Could Be The First Country To Adopt Bitcoin as Legal Tender

Many things happened from the time Bitcoin was conceived as a peer-to-peer electronic cash to the time someone dared to buy two pizzas giving it real monetary value, but it only took one person daring to accept its economic value for a revolution to take place raising its price from pennies to thousand dollars in […] The post Why Iran Could Be The First Country To Adopt Bitcoin as Legal Tender appeared first on Ethereum World News.

2018-7-26 19:57


Фото:

Fiat Exchanging on Zero-Fee Cryptocurrency Exchange

COBINHOOD, a zero-fee cryptocurrency exchange, has announced the launch of fiat trading, which means that legal tender can be converted, through COBINHOOD, into cryptocurrencies, and vice versa. While COBINHOOD is a separate, commercial entity, it is also the exclusive ICO services partner of the DEXON Foundation. With fiat trading now arriving to COBINHOOD, investors can

2018-7-14 15:04


Bitcoin is Money Because Of This Characteristics

Many people have refused to welcome the idea that, Bitcoin should be recognized as a legal tender. There have been different opinions whenever the subject of this comes to play. Some people do see the coin as such as many companies and schools last year, made it clear to the public about their intentions to […] The post Bitcoin is Money Because Of This Characteristics appeared first on ZyCrypto.

2018-7-7 23:25