• Mon. Apr 22nd, 2024

Zimbabwe does not Want to Legalize Cryptocurrencies Anytime Soon

Christian Klausen

ByChristian Klausen

Nov 22, 2021

In various online crypto blogs and websites, it was being rumored that just like El Salvador, Zimbabwe is going to hit it off with the idea of decentralization and accepting Bitcoin as a legal tender. After the dust has settled on these rumors, a new piece of news has come out that Zimbabwe has no plans whatsoever to embrace Bitcoin as a legal tender. There might be a possibility of exploring the CBDC space but as for Bitcoin, the country at the moment has no legal framework drawn up to support this transition. The rumors were not only based on the country accepting Bitcoin as a legal tender but on other aspects of its financial stability as well.

There was this rumor made popular on online blogs that the government of Zimbabwe has stated that the only official currency of the country will be the Zimbabwe dollar. To address these rumors, Monica Mustvangwa, the minister of information, broadcasting services, and publicity for Zimbabwe, has come forward, denying all these claims. This single statement from Monica cleared various things and put an end to these ongoing rumors. Although, at the same time, the statement has cut off any and all possibility of making cryptocurrencies a local currency of Zimbabwe that is to accept Bitcoin as a legal tender.

The idea of CBDCs is apparently more viable to Zimbabwe than going all-in for Bitcoin or any other cryptocurrency. It is possible that the country might be looking into digitalizing its sovereign currency. But that is not going to change anything financially or bring in economic reforms in the country because it is the same currency present currently in the form of paper that would be transferred in the form of digital money if the country continues to explore the CBDC space.

African Countries to Roll out their CBDCs

Other African countries such as Ghana and Nigeria are also toying with the possibility of releasing their own CBDC coin but not giving in to support for making cryptocurrency a legal tender in their respective nations. It might come off as sad news to the crypto enthusiasts out there, but on the bright side, it is ripping the drapes away from all those countries that won’t be taking part in the digital revolution and clearing the spotlight for those who just might.

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Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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