This country may be the next to adopt cryptocurrencies as legal tender… Get to know it
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Answer This country may be the next to adopt cryptocurrencies as legal tender… Get to know it
The latest update from the Zimbabwean authorities confirmed that the government is consulting with some specifics to legally adopt cryptocurrency payment services.
According for local newsRecently, a summit was held that brought together the Ministry of Information Communication Technologies and witnessed the participation of the Secretary-General and Head of the E-Government Technology Unit in the Office of the President, Charles Wikwete, during which these parties held talks with the private sector on how to implement crypto payments in daily use.
Noting also the flaws of the decentralized sphere, including unregistered movement across borders, offshoring of funds, money laundering, and the illicit flow of funds to further fund illegal or criminal activities.
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Wikwety stated that the authorities are working on policies to protect consumers as well as facilitate a better future of finance for the nation, and added:
Henceforth, the government has approached many sectors to gain perspectives from different walks of life before making any drastic changes.
Governments are still trying to understand digital currencies and properly trying to set policies on how to deal with them.
In our case, still at the beginning, we were trying to understand its implications because it represents a fundamental departure from previously known financial instruments and there are a lot of concerns about cross-border money movement, money laundering, money outflow, illicit flow of money to fund illicit issues…
So the government has put in place a mechanism to try to gather the views from different sectors of society in order to ultimately formulate policies.
There have also been statements by the Minister of Finance and the Reserve Bank of Zimbabwe regarding cryptocurrencies and saying that they are still in a complex area.
Local news quoted Wikwety as saying:
The government will make statements sooner or later, but we are not there yet, the consultative process is already underway.
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In the footsteps of El Salvador:
More countries are starting to follow El Salvador which has adopted Bitcoin as legal tender.
Despite the backlash from its citizens and authorities around the world, the government of El Salvador has remained strong, defending its own crypto law.
The Salvadoran president, Nayib Bukele, recently announced the success of the Bitcoin legal tender on Twitter, also noting that the profits from the bitcoin purchase will sponsor the construction of 20 schools and hospitals in the country.
Read also:
Bitcoin goes sideways as US Congress passes controversial infrastructure bill
4% of Americans quit their jobs after earning money from investing in crypto
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