Zimbabwe may recognize Bitcoin as legal tender

Zimbabwe could follow the path of El Salvador and become the second country with Bitcoin as legal tender.

According to local news, Zimbabwe is weighing options of adopting Bitcoin as a legal payment option to meet the growing demand and use of this technology. At the moment, the government of the country is at the stage of consultations with various stakeholders regarding cryptocurrencies and potential risks.

Permanent Secretary and Head of e-government Technology Unit Charles Wekwete confirmed that negotiations with businesses from various sectors are already underway as authorities try to develop legal framework.

"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," said Wekwete.

Earlier it became known that El Salvador will direct part of the profits from operations with bitcoin to finance the construction of 20 modern schools and a veterinary clinic.

comments powered by HyperComments

Hot Tweets 🔥