• 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

DOJ Investigation Boosts Powell's Position at the Federal Reserve

chest

The DOJ's investigation into Jerome Powell has shifted market dynamics, increasing his chances of remaining at the Federal Reserve after his term ends.

user avatarLuis Flores

Inflation Data Boosts Crypto Market Performance

chest

Recent US inflation figures have positively impacted the crypto market, leading to gains for Bitcoin and other cryptocurrencies.

user avatarArif Mukhtar

XRP Faces Sell Signal Despite Super Cycle Speculation

chest

XRP faces a sell signal according to analyst Ali Martinez, despite speculation of a super cycle.

user avatarMaria Gutierrez

Aarn Protocol Advances Fixed-Rate Execution

chest

Aarn Protocol has introduced TARS and tvPTmax to enhance fixed-rate execution in DeFi, moving towards policy-driven treasury operations.

user avatarDavid Robinson

WONTON Expands to BNB Chain to Enhance Web3 Gaming Experience

chest

WONTON expands to BNB Chain to enhance Web3 gaming experience.

user avatarAndrew Smith

Regulatory Changes Impact DDC Enterprise's Bitcoin Reporting

chest

Regulatory changes require DDC Enterprise to report Bitcoin holdings at fair market value starting in 2025, impacting earnings volatility and allowing for unrealized gains.

user avatarZainab Kamara

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.