InstaForex

November 9, 2021

El-Salvador's Successor, Will This Country Make BTC The Legal Currency Of The Country?

 Based on the latest update from the Zimbabwean authorities, there is confirmation that the Zimbabwean national government is negotiating with the private market to legally implement crypto payment services.


Local news reported that the Permanent Secretary and Head of the e-government Technology Unit in the President’s Office, Charles Wekwete informed that the authorities are in discussions with the private sector in how to realize the implementation of crypto payments in the real economy.


Despite the excitement to implement the matter, Wekwete noted that there are weaknesses in areas of decentralization including, unregistered cross -border movements, export of funds, money laundering, and illegal fund flows to further illegal or criminal activities.



On that basis, the authorities intend to formulate policies that can protect consumers as well as facilitate a monetary future for the country of Zimbabwe. So far several sectors of the economy have been called upon to give their views before making any radical changes.


According to Wekwete, “The government is still trying to understand and formulate policies to address it. We are still studying it because it is contrary to the financial system practiced by the world now and at the same time there are many concerns about cross -border movement of funds, money laundering, export of funds and illegal flow of funds.


The success and bold move from El Salvador has ‘flicked’ some countries to consider making Bitcoin a legal tender. In addition, recently the President of Salvador, Nayib Bukele stated that profits from the purchase of Bitcoin could fund 20 schools and a hospital in their country.