Zimbabwe could be the next country to accept Bitcoin as legal tender

Zimbabwe has noted the growing demand for cryptocurrency from its population, which it sees as a potential growth path. The country is also receptive to regulation of the entire sector.

According to local news, the Zimbabwean government is considering using Bitcoin as a legitimate payment option to meet this growing demand and take advantage of the technology.

Retired Brigadier General Charles Wekwete, permanent secretary and chief of staff of the President and Cabinet’s e-government technology unit, confirmed that talks with companies are ongoing.

The disadvantages of the decentralized ecosystem, according to Wekwete, include unregistered cross-border transfers, international transfers, money laundering and illegal cash flows into other illegal or illegal activities.

He also stated that authorities are working to develop rules to protect consumers and improve the country’s financial future. Therefore, before making any major policy changes, the government sought input from various sectors.

Zimbabwe has yet to make an important statement, said the official, who added that the country is still in the consultation phase.

The Government of Zimbabwe has adopted the Digital Economy Framework as part of the National Development Strategy 1, which aims to serve as a means to combine government and business efforts in addressing the growing concept of the digital economy.

Many countries are adopting El Salvador’s Bitcoin approval and regulation guidelines. Despite criticism from the public and around the world, the El Salvador government remains steadfast in its support for Bitcoin legislation. On Twitter, President Nayib Bukele of El Salvador praised the success of the plan, claiming the proceeds from Bitcoin would be used to build 20 schools and a hospital in the country.

Africa is a great testing ground for cryptocurrencies and many companies are now producing goods and services tailored to different countries on the continent. especially to close the gap between African countries and other countries in terms of cross-border payments.

As Cointelegraph reports, Africa’s crypto market grew by more than 1,200% from July 2020 to June 2021, according to Chainalysis. High penetration rates are observed in Kenya, South Africa, Nigeria and Tanzania.