Zimbabwe has announced that it will be the next country in Africa to legalize Bitcoin as legal tender. The move is seen by many economists and policy makers around the world as a step toward economic recovery, reducing reliance on foreign currencies such as the US dollar and stabilizing hyperinflationary economies like Zimbabwe’s.
Zimbabwe may be the next country to embrace Bitcoin as legal tender. In a move that could accelerate adoption of cryptocurrency in Africa, the leading African nation is considering issuing its own digital currency backed by gold reserves and diamonds.The “Zimbabwe may be the next country to embrace Bitcoin as legal tender” is a story that has been making headlines. Zimbabwe’s central bank, which has had a history of banning cryptocurrencies, might soon approve Bitcoin as legal tender. Read more in detail here: crypto shares.
Zimbabwe has been paying attention to the growing demand for cryptocurrency among its citizens, which it sees as a potential source of revenue. The nation has also shown an interest in regulating the whole industry.
According to local reports, Zimbabwe’s government is contemplating using Bitcoin (BTC) as a legal payment option to address this rising demand and harness the technology.
According to the report, 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 consequence, the administration has solicited feedback from several industries before implementing any significant policy changes.
According to the source, Zimbabwe has not yet made any big pronouncements, and the nation 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 growing digital economy.
More nations are following El Salvador’s lead in allowing and regulating Bitcoin usage. 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 would be used to construct 20 schools and a hospital in the nation.
Africa is a perfect testing ground for bitcoin, and many firms are already providing products and services tailored to different 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.
The “Zimbabwe may be the next country to embrace Bitcoin as legal tender” is a story about how Zimbabwe might soon start using cryptocurrency. The reason that it is valuable, is because it has been created in a way that makes it impossible for governments to control and tax. Reference: why is cryptocurrency valuable.
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