• 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

Sui Defends Key Macro Support Levels Amid Market Uncertainty

chest

Sui is attempting to maintain its support levels while facing significant overhead resistance in the crypto market.

user avatarSon Min-ho

Chainlink's Smart Collateral Technology Chosen for DTCC Trial

chest

Chainlink's smart collateral technology has been selected for a trial by DTCC, focusing on collateral management and financial infrastructure.

user avatarAyman Ben Youssef

Significant Bitcoin Withdrawal from Binance Raises Market Attention

chest

A newly created Bitcoin wallet has withdrawn 1,350 BTC from Binance, signaling important market activity.

user avatarTando Nkube

Machi Big Brother Takes Action to Protect ETH Investments

chest

Machi Big Brother has been liquidating BAYC-related assets to defend its leveraged ETH exposure in a fragile market environment.

user avatarKofi Adjeman

Ripple Secures Preliminary CASP License Approval in Luxembourg

chest

Ripple has secured preliminary approval for a CASP license from Luxembourg's CSSF, marking a significant step in its operations.

user avatarNguyen Van Long

Ripple and SBI Holdings Launch RLUSD Stablecoin in Japan

chest

Ripple has partnered with SBI VC Trade to launch the RLUSD stablecoin in Japan after receiving approval from the Japan Financial Services Agency.

user avatarJesper Sørensen

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.