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Zimbabwe looks to future with Bitcoin as it seeks advice on BTC payments

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Many countries have been looking to follow in El Salvador’s footsteps since the country officially introduced bitcoin as legal tender. Most of these countries, however, were from the same region as El Salvador in Latin America. Others, while not looking to accept bitcoin as legal tender, have passed more favorable laws for the use of crypto in their country.

Despite these advances by other continents, Africa has not been particularly enthusiastic about bitcoin. This has not stopped the growth of crypto on the continent. Countries like Nigeria, Kenya lead in crypto adoption in Africa, despite unfavorable laws in their various countries. Zimbabwe has been one of the few exceptions and the nation continues to make strides in securing its crypto future.

Zimbabwe seeks to implement Bitcoin payments

Reports out of country say the government has started exploring other payment methods besides fiat money. The permanent secretary and head of the electronic government technology unit, Brigadier General Charles Wekwete, revealed this at a summit hosted by the Computer Society of Zimbabwe.

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Wekwete explained that the government understands the opportunities offered by the cryptocurrency industry and is not neglecting them. This involved speaking with players in the space who understood the implications that a cryptocurrency like bitcoin can have for the economy. Wekwete assured summit participants that “the government is aware of the problem and is looking into it.”

BTC price trading north of $67K | Source: BTCUSD on TradingView.com

In addition, the ex-brigadier general admitted that cryptocurrencies are already being used with great success by the private sectors of the country. As such, they were looking to those private sector players who are familiar with the space and the government was thinking about how cryptocurrencies can be used in the country.

Towards policies

One thing is certain, is that governments cannot implement bitcoin payments without first having appropriate policies in place to accommodate the use of cryptocurrencies in the country. Wekwete said at the summit that the government is working to create policies to prevent money laundering and the loss of funds when trading with crypto.

“Governments are always trying to understand and properly try to create policies on how to deal with it,” Wekwete said. “In our case, initially we were trying to understand their implication as they fundamentally deviate from previously known financial instruments and there is a lot of concern about cross-border movement of funds, money laundering, outsourcing of funds. and illicit flows of funds. to finance illicit emissions.

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In addition, the government also collects information from various sectors to effectively formulate policies for cryptocurrencies. Although bitcoin and the crypto market are over a decade old, it is still a relatively new asset class and countries around the world are still trying to find ways to regulate it properly.

Nonetheless, statements by the Permanent Secretary show that the government of Zimbabwe has a positive outlook on cryptocurrencies, making it one of the few African countries to take this stance.

Featured image from Verdict, chart from TradingView.com


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