The Zimbabwe government is focused on adopting cryptocurrency as a legal payment service.
Speaking at the Zimbabwe Computer Association (CSZ) Information Communication Technologies (ICT) Summit held in Victoria Falls yesterday under the theme of “Digital Innovations for Post-Pandemic Recovery”, Brigadier General Charles Wekwete, President and Cabinet Permanent Secretary and Head of the e-Government Technology Unit, said: He said the work is ongoing.
Many countries are already using cryptocurrencies like Blockchain as a payment method, but countries like Zimbabwe are wary of cryptocurrencies due to money laundering and other illegal activities.
On the other hand, Charles Wekwete stated that many governments around the world are still not very clear on cryptocurrencies.
Governments are still trying to formulate policies on how to deal with it. We have been trying to understand the implications of these from the very beginning because they are so different from conventional financial instruments and there are many fears about cross-border movement of funds, money laundering, exclusion of funds, and financing illicit problems. So the government has set up a mechanism to try to gather opinions from various sectors of society to eventually formulate policies but there is no clear result yet, our consultation process is ongoing.
said.
However, Wekwete added that the government has adopted the digital economy framework under National Development Strategy 1 (NDS1) as a way to coordinate efforts across the public and private sectors in tackling the emerging concept of the digital economy, adding that cryptocurrency cannot be ignored.