Zimbabwe Seeks Feedback On Crypto Regulatory Framework
The government of Zimbabwe is looking for input on digital asset regulation as it begins to develop its own crypto framework while navigating a challenging inflation crisis, Bloomberg reported Wednesday.
“In line with global trends and best practices, Zimbabwe is embarking on an exercise to assess and understand the cryptocurrency landscape,” the African nation’s government said in its state-run newspaper Herald on Wednesday.
According to Zimbabwe’s Information and Public Permanent Secretary, Nick Mangwana, the government is looking to put a lid on digital assets “misused for money laundering, terrorism financing, and other illicit activities.”
CRYPTO CURRENCY IN ZIMBABWE
1. In line with global trends and best practices, Zimbabwe is embarking on an exercise to assess and understand the crypto-currency (also referred to as virtual assets) landscape in Zimbabwe. The purpose of the exercise is to, among other things:… pic.twitter.com/FNhjjmxVmn
— Nick Mangwana (@nickmangwana) June 12, 2024
“Given the anonymity and decentralization that characterize these digital assets, it is crucial to identify and mitigate any associated risks,” Mangwana told local media outlet The Zimbabwe Mail.
The country’s government is “inviting cryptocurrency service providers” to share their commentary on regulatory practices and provide feedback on their potential policy implementation by no later than June 26.
Zimbabwe’s quest for a robust crypto framework comes as greater Sub-Saharan Africa faces a turbulent economy, with countries like Nigeria and Ghana struggling to find their footing amid concerning levels of inflation and increased interest in digital assets as an alternate means of currency.
Despite pushback from the International Monetary Fund
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