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Zimbabwe is weighing the pros and cons of adopting Bitcoin as legal tender. According to reports, the demand for digital currency among Zimbabweans has grown substantially in a short period. As a result, the Zimbabwean government is considering using BTC as a legal payment option to satisfy this growing demand.
In addition, the southern African country is also brainstorming crypto regulation. Zimbabwe views crypto as an avenue for growth and aims to harness the technology behind it, according to local news.
A key government official, retired Brigadier Colonel Charles Wekwete, confirmed that the government is already dialoguing with key businesses operating in Zimbabwe. Wekwete also stated that the government is trying to minimize the disadvantages posed by using crypto. Some of the specific vices include unregistered cross-border transfers, externalization of money, and money laundering. In addition, there is also the issue of channeling questionable cash flow into illegal activities or projects. Wekwete currently serves as the permanent secretary and head of the office of the president and cabinet’s e-government technology unit.
The central American country of El Salvador adopted BTC as legal tender back in September to polarizing reception. Now, it seems more countries are also looking to follow suit.
Image Credits: Pixabay
