Zimbabwe is inviting public input to help in developing a cryptocurrency regulatory framework.
“In line with global trends and best practices, Zimbabwe is embarking on an exercise to assess and understand the cryptocurrency landscape,” the government said in a statement.
The southern African nation has established a committee to consult with operators in the virtual-asset ecosystem. It is calling on all cryptocurrency service providers, whether they operate within the country or offer services to its citizens, to provide comments by June 26. This is part of a broader effort to understand and assess the cryptocurrency landscape in the African nation.
Zimbabwe has faced currency turmoil since 2000 amid hyperinflation. It dropped the local dollar in 2009 in favour of a basket of foreign currencies led by the greenback. It reintroduced the Zimbabwe dollar in 2019 but it crashed many times leading to a reintroduction of a multicurrency regime again. In April 2024, the government scrapped the local dollar and replaced it with the Zimbabwe Gold (ZiG) which is backed by 2.5 tonnes of gold and about $100mn in foreign currencies.
In between, it introduced physical gold coins and digital ones in efforts to curb inflation and support the local tender.
Related Articles
Kosmos Energy and partners start commercial operations at Mauritania-Senegal GTA LNG project
US-based oil and gas exploration and production (E&P) company Kosmos Energy has announced the start of commercial operations at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) ... more
South Africa’s power utility Eskom seeking ways to support Bitcoin mining, energy-intensive technologies
South Africa’s state-owned power utility Eskom is exploring opportunities to support Bitcoin mining, artificial intelligence (AI) development, and data centres to help its future ... more
EFCC arrests ex-NNPCL official and previous Warri managing director
Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested a former CFO of the Nigerian National Petroleum Co. Ltd (NNPCL), as well as a former managing director of 125,000 barrels per ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago