Zimbabwe Is Seeking Comments on the Crypto Industry: Report

As a researcher with experience in the crypto industry, I’m closely monitoring the latest developments in Zimbabwe’s approach to cryptocurrencies. The government’s move to seek comments from the crypto community is an encouraging sign that they are taking steps to understand the sector and establish appropriate policies.

Media reports indicated that Zimbabwe is inviting public feedback to formulate a regulatory framework for its cryptocurrency industry.

A government committee has been established to seek input from digital asset industry operators, with a deadline for submissions on June 26th.

As a financial analyst, I’ve noticed that many countries around the world are actively working to grasp the complexities of cryptocurrencies and devise regulations for this emerging sector. South Africa is taking steps in this direction by registering companies dealing with digital assets. Nigeria, too, has been making strides in figuring out how to approach crypto regulation in a meaningful way.

According to a statement released in the Herald newspaper on Wednesday, the Zimbabwean government is joining the international community in exploring the cryptocurrency sector. They have initiated a process to gather information and insights about this field, welcoming input from all cryptocurrency service providers, regardless of their location but serving Zimbabwean customers.

In the latest Chainalysis report on global cryptocurrency usage, Zimbabwe lags behind Nigeria but ranks above 50 other countries, including Kenya, which is in 21st place. Specifically, Zimbabwe’s overall index position is 103rd.

The company has attempted to introduce a digital currency backed by gold, named ZiG, as a potential solution to its economic challenges.