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Zimbabwe and Cryptocurrency

Zimbabwe and Cryptocurrency – Government Clarifies Stance on Legalising Cryptocurrencies

Zimbabwe and cryptocurrency, the government is clarifying the legal status of cryptocurrencies. Zimbabwean Information Minister Monica Matsuwanua said the government was studying the digital currency of the Central Bank (CBDC).

Zimbabwean government officials said this week that the country was considering fiat currency to legalize cryptocurrencies. Responding to media reports, Zimbabwe’s IT ministry said the government was not considering importing other currencies into the economy.

Zimbabwean Information Minister Monica Mutswanawa:

Thus, The clarification comes after the hard work of Zimbabwean Information Minister Monica Mutswanawa. Thus, The country’s IT ministry has issued a warning to curb rumors and misinformation about the structure of cryptocurrency payments.

  • In a tweet from the Zimbabwean Ministry of Information, Public Relations and Broadcasting, the government said the Zimbabwean dollar (ZW $) was the country’s only official currency.
  • However, Mutswangwa said the digital currency of the Central Bank (CBDC) was being approved by the government.
  • Known as the “digital fiat currency”, the CBDC is a digital sign that can be operated and issued by the country’s central bank.
  • “Like many countries around the world, the Zimbabwean government is studying the central bank’s digital currency through its financial technology team instead of cryptocurrencies, bitcoin, or other commodities,” Matswangwa said.

Zimbabwe and Cryptocurrency:

Whether Zimbabwe will adopt cryptocurrencies is currently unreliable. Earlier this week, Charles Wackett, head of e-government technology in South Africa. Said he had spoken to private sector activists about legalizing cryptocurrencies to secure bitcoin payments.

  • According to Zimbabwe and cryptocurrency news portal Bulawayo24, the authorities have stated that the cross-border movement of cryptocurrencies raises concerns about money laundering.
  • Outsourcing of funds, and in particular the promotion of illegal activities.
  • According to statistics, the culture of cryptocurrencies is similar in the African region.
  • From July 2020 to June 2021, the African cryptocurrency market grew by 1,200% to $ 105.6 billion (Rs 77.5 billion). According to a new Chinalysis report.
  • Thus, “Interregional transfers in the African cryptocurrency market are better than in other regions, which account for 96% of total trade volume and 78% of total trade in all regions.
  • In September of this year, El Salvador became the first country in the world to legalize bitcoin as a legal payment.
  • The country has issued $ 30 in bitcoin for every citizen who downloads and registers a Chivo e-wallet.

Cryptocurrency is an uncontrolled, illegal, dangerous digital currency. Thus, The information contained in this article is not intend to provide financial advice. Thus, Business advice, or any other advice or recommendation provided or approved by NDTV. NDTV shall not be liable for any damages arising from investments based on the recommendations. Forecasts, or other information contained in these Articles.

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