2021 had it all in Africa for digital currencies—adoption soared by 1,200% as Kenya led global P2P trades, but there was the bad as well, like a $3.8B scam.
The Zimbabwe government is reportedly in consultation with the private sector on possibly making BTC legal tender like in El Salvador, but this would be a mistake.
In his recent tweet about the DMCC Crypto Centre in Dubai, Zimbabwe Finance Minister Mthuli Ncube commended the potential of lowering remittance fees via decentralized finance.
The minister was inspired by solutions being developed at the DMCC Crypto Valley in Dubai and believes that digital currencies could change remittances.
Mobile money operators are taking advantage of financial instability to overcharge users, according to the Reserve Bank of Zimbabwe.
Zimbabwe’s central bank is to introduce a regulatory sandbox for digital currency companies as the regulator changes its tough stance on digital currencies.
Zimbabwe’s yet-to-be-named currency targets the liquidity shortages in the Southern African country, giving the central bank monetary policy control after years of using foreign currencies.
Zimbabwe recently banned mobile cash payments, stating that they are being used to facilitate illegal activities. It’s time for the real Bitcoin.
With several foreign currencies banned by the government, cryptocurrency is providing a safe haven against inflation.
After banning several fiat currencies, cryptocurrencies might be the answer for Zimbabwe’s problems.