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Zimbabwe to adopt Bitcoin as legal tender

Bitcoin

TL; DR Breakdown

  • Zimbabwe begins consultation into the adoption of Bitcoin as legal tender.
  • The country wants to use Bitcoin and blockchain to its advantage.
  • Chainalysis reports a 1,200% increase in the Africa crypto market.

The demand for digital assets across the world has increased drastically, thanks to the remarkable growths of the assets. Although some countries are still mum regarding the regulation and adoption of crypto, others are making plans for adoption. According to news coming out of Africa, Zimbabwe is the latest country looking to turn to digital assets. Digital assets have been in high demand across the country, hoping to grow the sector through the revenue generated. Before now, the government has been quiet regarding the regulation of the crypto market, a move that is now in the works.

Zimbabwe gains advantage via Bitcoin

According to a local news station, the country wants to make Bitcoin a legal tender across the country. The Zimbabwean government intends to meet the high demand for digital assets and use blockchain technology to its advantage. A recent statement by Rtd Brigadier Colonel Charles Wekwete, a member of the government’s technology unit, confirmed the story.

According to Wekwete, there are presently holding talks with consultants and businesses as to this effect. Wekwete also mentioned that adopting crypto and blockchain could open the country to many ills that come with the sector. He said that the government is wary of illicit activities ranging from money laundering to hacks and scams, among other risks. However, he mentioned that regulators are presently drawing up a framework that will guide the activities of the sector, protect users and help the financial future of the country.

Africa sees a 1,200% rise in the crypto market

Like previous traditions, the government is presently consulting with other sectors of the country and awaiting their input regarding a change in policy. According to an official, even though things are in the works, the government is yet to make headway regarding decisions. Zimbabwe recently announced that it would adopt the digital economy framework. This framework will help further the partnership between the government and investments regarding the betterment of the digital economy of the country.

Most countries are now following El Salvador’s lead in adopting Bitcoin as a means of exchange. Although many tongues have wagged in criticism, the government has vowed not to go back on its decision. President Nayib Bukele recently mentioned that the plan was coming to fruition, and the proceeds generated from Bitcoin will go to building a hospital and about 20 schools in the country.

Africa has shown that it is one of the best places to test crypto-related innovations. Most investments have built services that will help individuals and businesses connect with people outside the country regarding cross-border payments. A recent Chainalysis report mentioned that Africa witnessed a 1,200% rise in its crypto market between July 2020 and June 2021. The main contributors were said to be Tanzania, Kenya, South Africa, and lastly, Nigeria.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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