• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Zimbabwe's Cryptocurrency Data Collection Initiative

user avatar

by Giorgi Kostiuk

2 years ago


The Zimbabwean government has instituted a committee focused on gathering information from cryptocurrency enterprises to regulate the sector. Zimbabwe is actively working to keep pace with the escalating use of cryptocurrencies by reaching out to crypto service providers within the country and globally to establish regulations for the industry. A committee organized by the government of Zimbabwe is currently in the process of collecting data from cryptocurrency companies that offer services in the nation, with feedback anticipated by June 26, according to a report by The Zimbabwe Mail. The principal objective of this endeavor, as highlighted by Nick Mangwana, the Permanent Secretary for Information and Publicity, is to gain a comprehensive understanding of Zimbabwe's virtual assets ecosystem and examine the risks associated with possible misuse of cryptocurrencies for unlawful activities like money laundering and terrorism financing. The government's central focus is to create a customized regulatory framework tailored to Zimbabwe that strikes a balance between fostering innovation and safeguarding the stability of the national financial system. Zimbabwe is making significant strides to align with the growing trend of cryptocurrency adoption, notably in nations facing financial hurdles. Despite concerns flagged by the International Monetary Fund (IMF), Zimbabwe rolled out its own central bank digital currency, Zimbabwe gold (ZiG), in May of the previous year. In October, the government authorized the utilization of the gold-backed digital currency as a payment mechanism, signaling its effectiveness. Zimbabwe has been grappling with currency volatility and inflation for an extensive period, transitioning to the U.S. dollar as its official currency in 2009 post a hyperinflationary phase. The government reintroduced the Zimbabwean dollar in 2019 in an attempt to rejuvenate the ailing economy, only to encounter subsequent volatility. Last year, the government reverted to the U.S. dollar to mitigate inflation.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

XRP Ledger Development Continues Amid Regulatory Scrutiny

chest

The latest release of the XRP Ledger highlights ongoing development and improvements in the protocol, emphasizing the importance of functionality beyond regulatory headlines.

user avatarLi Weicheng

Uniswap Introduces New Editorial Standards

chest

Uniswap has recently implemented a strict editorial policy that focuses on accuracy, relevance, and impartiality to enhance the quality of information on its platform.

user avatarMohamed Farouk

Stripe Reinforces Its Editorial Standards

chest

Stripe has announced a strict editorial policy that focuses on accuracy, relevance, and impartiality in its reporting.

user avatarAisha Farooq

Coinbase Adds Wormhole Token to Its Platform

chest

Coinbase has added the Wormhole token to its platform, highlighting the importance of crosschain connectivity in the crypto market.

user avatarTenzin Dorje

Bitcoin Staking Sparks Market Debate

chest

The introduction of Bitcoin staking has divided opinions in the market, with some viewing it as a productive evolution while others see it as unnecessary complexity.

user avatarElias Mukuru

Solana's SIMD0096 Vote Influences Validator Economics

chest

The SIMD0096 vote on Solana is set to change the distribution of priority fees, impacting validator incentives and network behavior.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.