Zimbabwe To Follow El Salvador? Government Considers Adopting Bitcoin

Zimbabwe's government is considering the adoption of a cryptocurrency such as Bitcoin BTC/USD as an alternative means of payment in the country.

What Happened: Zimbabwe authorities are looking into Bitcoin as a legal payment option, according to a Sunday report by local news outlet Bulawayo 24. Brigadier Colonel Charles Wekwete — the permanent secretary and head of the office of the president and cabinet’s e-government technology unit — said discussions with businesses are already taking place.

See Also: IS BITCOIN A GOOD INVESTMENT?

Wekwete admitted using a decentralized system such as Bitcoin could result in unregistered cross-border transfers, externalization of money, money laundering and ill-gotten cash flow into subsequent illicit or unlawful actions. At the same time, he said local authorities are working on regulations that protect consumers and help the financial development of the country.

Before implementing any new policies, the government also sought input from different sectors. 

At time of publication, Zimbabwe has not made any concrete announcements and is still at the consultation stage of cryptocurrency policy development.

BTC Price Action: As of press time, Bitcoin is trading at $66,103.07 after seeing its price increase by over 6.22% over the last 24 hours according to CoinMarketCap data.

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