Zimbabwe could be another of the countries that end up adopting cryptocurrencies such as Bitcoin as a legal payment method in their territory. El Salvador was an example that a cryptocurrency like Bitcoin can be implemented in the economy of an entire country and that the population uses it.
After El Salvador's experience of adopting Bitcoin and investing in cryptocurrencies to have a second legal tender, Panama and Brazil studied also adopting cryptocurrencies as a form of payment in the country, and that small list of interested countries could be joined by Zimbabwe. Although this decision also has its detractors, as Mexico has already commented that they do not value it more than as an investment asset due to its volatility and economic instability.
Zimbabwe on track to adopt Bitcoin in the country
The Government of Zimbabwe is considering the adoption of the decentralized cryptocurrency Bitcoin as a legal payment option alongside the national currency, the Zimbabwean dollar. Charles Wekwete, head of the country's eGovernment technology, revealed that talks on legalizing Bitcoin payments are underway with private sector agents.
According to Wekwete, the government fears that the cryptocurrency could be exploited to facilitate money laundering or to finance illegals due to its difficulty in being traced. It is possible that the government wants to use its own virtual application to be able to operate to treat these problems and guarantee certain security necessary for it to be a legal tender, such as the possibility of requesting refunds on purchases in stores.
Individuals and companies from the private sector have been invited to participate in the definitive adoption of Bitcoin in Zimbabwe, so that everyone is informed of its technology and operation. Wekwete has pointed out that, after the government previously adopted the digital economy framework, that cryptocurrencies cannot be ignored.
