Zimbabwe Is Considering Legalizing Cryptocurrencies

Zimbabwe is considering legalizing cryptocurrencies. Cryptocurrencies are getting legitimized by countries day by day.

While the effects of El Salvador's declaration of Bitcoin as legal money in the country continued, it was known that this issue was on the agenda in countries such as Paraguay, Argentina and Nigeria. Finally, it has been learned that Zimbabwe has been added to the countries where negotiations are ongoing. Speaking at the Information Communication Technologies (ICT) Summit held in Zimbabwe, the head of the presidential office technology unit and former general Charles Wekwete said that discussions with private sector stakeholders are continuing on the issue. In Zimbabwe, for a while, government officials did not favor the use of cryptocurrencies as a legal payment tool due to reasons such as money laundering and terrorist financing. Commenting on the subject, Wekwete used the following statements: “Many governments are still trying to understand cryptocurrencies and solve the question of how to control them. We also tried to understand at first. Because these types of assets are very different from those in traditional markets. Of course, since they can be used for cross-border payments, there are serious concerns about illegal activities and money laundering issues. "There are also fears. Therefore, we have to study well. We have started to negotiate with various stakeholders of the private sector to make some trials. The government will also make a statement on the subject, but we have not reached that level yet. This region is a difficult and complex region, but our talks continue."

"This Can't Be Ignored..."

Stating that the digital economy has an important place in the National Development Strategy, Wekwete also stated that the digital economy and cryptocurrencies cannot be ignored. Allen Saruchera, who chaired the summit, stated that there are many opportunities in cryptocurrency and blockchain technology, and said: "It's our responsibility to ensure security and see what can be done about it."