Reports: Zimbabwe Could Be the Next Nation to Render Bitcoin as Legal Tender

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According to several local reports, Zimbabwe is looking at the possibility of one day rendering Bitcoin (BTC) as legal tender, much like how El Salvador has done for its country a while back, citing the steady climb of crypto interest amongst its people as the main reason. The reports indicate that the government of Zimbabwe believes that utilizing BTC as a viable nationwide payment option would serve as a promising growth avenue for both the nation’s wealth and technological prowess.

Aware of these incoming reports, the office of the president chief and permanent secretary, retired Brigadier Colonel Charles Wekwete, confirmed that discussions concerning BTC and its future within Zimbabwe are indeed underway. Wekwete also recognizes the downsides of a decentralized ecosystem, such as its susceptibility to money laundering and other unlawful actions, and promises to implement the appropriate regulations to address such issues.

That being said, any significant policy amendments in Zimbabwe concerning digital assets would not come any time soon, as the government is still seeking the opinions of its neighboring sectors.

Africa has recently become an enticing destination for several crypto-based trials, evidenced by its crypto market’s staggering 1,200% growth from between July 2020 to June of this year. Zimbabwe’s potential venture to turn BTC into legal tender signifies the immensely growing popularity of the particular asset class in developing nations.

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