Reserve

Bank

Cryptocurrency

CRYPTO

April

<h2 class="wp-block-heading" id="zimbabwe-seeks-input-on-crypto-regulation">Zimbabwe Seeks Input On Crypto Regulation</h2> 
<p>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.</p> 
<p>“In line with global trends and best practices, them is embarking on an exercise to assess and understand the cryptocurrency landscape,” the African n<a href="https://www.bloomberg.com/news/articles/2024-06-12/zimbabwe-seeks-input-to-regulate-cryptocurrency-operations?sref=3REHEaVI&amp;embedded-checkout=true" target="_blank" rel="noopener">ation’s government</a> said in its state-run newspaper Herald on Wednesday.</p> 
<p><a href="https://x.com/nickmangwana/status/1800796262809076054" target="_blank">According to Zimbabwe’s Information and Public Permanent Secretary, Nick Mangwana,</a> the government is looking to put a lid on digital assets “misused for money laundering, terrorism financing, and other illicit activities.”</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">CRYPTO CURRENCY IN ZIMBABWE<br><br>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:… <a href="https://t.co/FNhjjmxVmn" target="_blank">pic.twitter.com/FNhjjmxVmn</a></p>— Nick Mangwana (@nickmangwana) <a href="https://twitter.com/nickmangwana/status/1800796262809076054?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>“Given the anonymity and decentralization that characterize these <a href="https://btc-pulse.com/ecbs-lagarde-digital-euro-launch-before-2027/">digital</a> assets, it is crucial to identify and mitigate any associated risks”, Mangwana told local media outlet The Zimbabwe Mail.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="inflation-economic-hardship-drive-zimbabwean-policy">Inflation, Economic Hardship Drive Zimbabwean Policy</h2> 
<p>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.</p> 
<p>Despite pushback from the International Monetary Fund (IMF), the Reserve <a href="https://btc-pulse.com/south-korean-bank-staff-embezzles-7-5m-invest-crypto/">Bank</a> of Zimbabwe kicked off the launch of gold-backed digital tokens in hopes of addressing rising inflation concerns to limited success in May 2023.</p> 
<p>By April of this year, the country had introduced yet another attempt to stabilize their longstanding financial crisis through a new currency called ZiG, marking the sixth time since the 2008 market crash.</p> 
<p>“The introduction of ZiG represents an important policy action accompanied by several complementary policy changes — including monetary, exchange rate, and fiscal policy measures”, the IMF told Bloomberg in a recent emailed statement.</p> 
<p><a href="https://www.rbz.co.zw/documents/mps/2024_Monetary_Policy_Statement.pdf" target="_blank" rel="noopener">According to the Reserve Bank of Zimbabwe’s 2024 Monetary Policy Statement</a>, the government is “recalibrating its monetary policy framework to re-anchor price and exchange rate stability and to boost confidence in the local currency”.</p> 
<p>“The Bank’s priority policy focus is critical for supporting the economy’s growth prospects through the restoration of stability, convertibility, and transactional convenience of the local currency”, the organization stated.</p> 
<h2 class="wp-block-heading" id="zimbabwe-s-position-in-the-global-crypto-landscape">Zimbabwe’s Position in the Global Crypto Landscape</h2> 
<p><a href="https://www.rbz.co.zw/documents/mps/2024_Monetary_Policy_Statement.pdf" target="_blank" rel="noopener">According to blockchain analytics firm Chainalysis, </a>them is currently ranked 103 in its 2023 Geography of Cryptocurrency Report, largely trailing behind Nigeria in second place.</p> 
<p>However, with one of the worst economic disasters in global history, it may only be a matter of time before Zimbabweans choose to adopt crypto as their mainstream currency altogether.</p>

Zimbabwe Seeks Feedback On Crypto Regulatory Framework

Table of Contents

BTC-Pulse

Other articles published on Jun 12, 2024

MoonBag Presale Staking: Investors Rush to Lock in 88% APY, Leaving Pepe and KangaMoon in the Dust

U.S. inflation drops to 3.3%, beating forecasts

Myro Price Plunges 22% In A Week As Traders Pivot To This AI Meme Coin For Parabolic Gains

PEPE Price Rose 12% In A Day Amid Market Fall: What’s Happening?

‘Superintelligence within just a few years’ — SingularityNET CEO

Bitcoin Price Rallies After Key Data

Join our free newsletter for daily crypto updates!