Zimbabwe may follow the footsteps of El Salvador

Zimbabwe may follow the footsteps of El Salvador 2

The officials in Zimbabwe are doing a consultation on the crypto growth in the economy and associated risks that can occur into a big problem. 

After the adoption of Bitcoin as a legal tender by El Salvador, many countries showed their aggressive stance on the crypto to give their open intention e.g Ukraine, Brazil, Paraguay, Uruguay and many more. In the latest, Zimbabwe is doing their best to bring a framework for the crypto industry in Zimbabwe. 

Reports confirmed that officials of Zimbabwe are now looking at crypto adoption to generate revenue for the country and prohibit possible risks associated with it. 

Zimbabwe is mainly focusing on the use of Bitcoin to use in payment purposes just like El Salvador but at the same time, they are investing whether it will meet the requirements or not that can be used for the growing technology & businesses in the nation.

News confirmed that Colonel Charles Wekwete-  retired Brigadier permanent secretary and head of the office of the president and cabinet’s e-government technology unit- discussion with the businesses is going on regarding the crypto.

Charles Wekwete said that officials are considering the potential risk associated with the adoption like Money Laundering, unregistered transactions outside the country and some illicit activities. 

Charles Wekwete said that in the present time authorities are working to develop a better framework to bring regulation on the crypto industry to prohibit any kind of unfair activities so the regulators can ensure the security, safety of users with compliance with the existing traditional financial culture of the country.  

It is worth noting that the government of Zimbabwe didn’t announced yet this matter officially, whether they will legalise it or not but only an official confirmed that the discussion on the crypto framework is going on. 

Read also: Billionaire Druckenmiller says Crypto, Meme Stocks, Bonds are in a Bubble

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