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Zimbabwe Seeks Input from Crypto Firms on Virtual Asset Regulatory Frameworks

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The ultimate aim of the Zimbabwean government is to provide a regulatory framework that is specific to the requirements and circumstances of the nation.

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The government of Zimbabwe is actively working on laws for the nation’s cryptocurrency market and is soliciting feedback from domestic and foreign cryptocurrency service providers.

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The Zimbabwe Mail said that the government has formed a committee to collect data from cryptocurrency companies that provide services in Zimbabwe. The deadline for comments is June 26.

Zimbabwe seeks to control cryptocurrencies.

The initiative’s goal, according to Permanent Secretary for Information and Publicity Nick Mangwana, is to get a thorough grasp of Zimbabwe’s virtual assets ecosystem.

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They want to assess the risks associated with cryptocurrency being “misused for money laundering, terrorism financing, and other illicit activities,” according to Mangwana.

“Given the anonymity and decentralization that characterize these digital assets, it is crucial to identify and mitigate any associated risks,” Mangwana added.

The goal of the Zimbabwean government is to provide a regulatory framework that is suited to the unique requirements and circumstances of the nation. The main goal of this framework is to strike a balance between protecting the integrity and security of the nation’s financial system and promoting innovation.

Zimbabwe uses crypto in an attempt to lessen its financial challenges.

The nation in southern Africa is making an effort to stay up with the expanding trend of bitcoin acceptance, especially in nations that are having financial difficulties.

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Despite warnings from the International Monetary Fund, Zimbabwe created Zimbabwe gold (ZiG), a digital currency backed by gold that was issued by the central bank in May of last year.

After the digital currency backed by gold shown its viability, the government declared in October that it may now be used as a means of payment.

Zimbabwe has suffered from inflation and currency fluctuations for over a decade. In 2009, the country adopted the US dollar as its official currency after a period of hyperinflation.

2019 saw the government bring back the Zimbabwean dollar in an effort to strengthen the faltering economy. But a second, equally volatile cycle came right after it. To try and rein down inflation, the administration decided to use the US dollar once more last year. CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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