This Country could be Next to implement Crypto Legal Tender

This Country could be Next to implement Crypto Legal Tender

The latest update from Zimbabwe authorities has confirmed that the government is in consultation with the private market to legally adopt crypto payment services. According to local news, the exclusive Computer Society of Zimbabwe information communication technologies Summit saw the Permanent Secretary and Head of e-government Technology Unit in the Office of the President, Charles Wekwete ascertain that the authorities are undergoing talks with the private sector on how to implement crypto payments in routine use.

However, he also noted the drawbacks of the decentralized sphere including, unregistered cross-border movement, externalization of funds, money laundering, and illicit flow of funds to further finance illegal or criminal activities. Wekwete stated that the authorities are working towards carving out policies to protect the consumers as well as facilitate a better future of finance for the nation. Henceforth, the government has approached several sectors to acquire perspectives from different walks of life before making any radical policy changes.

“Governments are still trying to understand and properly trying to create policies on how to deal with it. In our case, initially, we were trying to understand their implication because they are a fundamental departure from previously known financial instruments and there are a lot of fears about cross border movement of funds, money laundering, externalization of funds, and illicit flow of funds to fund illicit issues…So Government has put in place a mechanism to try and gather views from various sectors of society in order to eventually formulate policies. There have been pronouncements by the Minister of Finance and Reserve Bank of Zimbabwe and its such as complex area. Sooner or later Government will make statements but we have not gotten there yet, the consultative process is already underway,” local news quoted Wekwete.

The OG Crypto Legal Tender experiences success

More countries are beginning to follow El Salvador’s evolutionary Bitcoin legal tender implementation. Despite considerable backlash from its own citizens and authorities worldwide, El Salvador’s government stood strong, defending its crypto law. Salvadoran President, Nayib Bukele recently announced the Bitcoin legal tender’s success on Twitter, further noting that profits from Bitcoin purchase will be sponsoring 20 schools and a hospital in the country.

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