[2021-11-08] Zimbabwe may be the next country to embrace Bitcoin as legal tender

[waybesuricata]

Zimbabwe is currently engaged in consultations regarding growing interest in crypto and the potential risks.

Zimbabwe has been paying attention to the increasing demand for crypto among its people, which it views as a possible avenue for growth. The country has also been receptive to regulating the entire sector.

Zimbabwe's government is considering utilizing Bitcoin as a legal payment option to meet this growing demand and harness the technology, according to local news.

According to the news, retired Brigadier Colonel Charles Wekwete, the Permanent Secretary and Head of the Office of the President and Cabinet's e-government Technology Unit, confirmed that discussions with businesses are already underway.

According to Wekwete, the disadvantages of the decentralized ecosystem include unregistered cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions.

He also stated that the authorities are attempting to develop regulations to protect consumers and help the country's financial future. As a result, before making any major policy changes, the government has sought input from different sectors.

Zimbabwe has not yet made any major declarations, according to the official, who added that the country is still in the consultation stage.

Source and continuation of news: https://cointelegraph.com/news/zimbabwe-may-be-the-next-country-to-embrace-bitcoin-as-legal-tender

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[SFR10]

unregistered cross-border transfers, externalization of money, money laundering, and ill-gotten cash flow into subsequent illicit or unlawful actions.

AFAICS, that's also the case with fiat currencies or traditional methods ^{[I do know it's harder with those and it requires more fees to achieve a similar result, but at least you have a better chance of tracking one of them]}!
After reading the above part and also the following quote from the "original article", I have a strong feeling that they'd go with the CBDC route instead:

• "It brings into play all the necessary players and within our sector we have people who are knowledgeable. We have to put security in place and its is our responsibility to share and showcase what can be done," he said.

[Woodie]

How is the situation in Zimbabwe by the way... the last time I read about these guys in news tabloids was stating that their local currency was ditched and its citizens resorted to using the South African rand and the US dollar and some portions of bitcoin usage.

Now seeing this in the news that Zimbabwe wants to embrace Bitcoin as legal tender says these guys have failed to stabilize their own currency and running to bitcoin for solutions which is a win on crypto's side but as a country i dont think this is the right move as this will mean not going back to a local currency for them. What the heck, if it solves hyperinflation good for  Zimbabwe 

[DdmrDdmr]

<…>

That is, indeed, the route that seems to be on the table in any case. Amidst the information and rumours that pointed to bitcoin being possibly adapted there as a currency, the Minister of Information soon stepped in to say nay, but on the other hand stated that they were eyeing a CDBC.

See: https://cointelegraph.com/news/zimbabwe-minister-signals-cbdc-interest-amid-bitcoin-adoption-rumors
 

[stompix]

Zimbabwe Says It Won’t Adopt Bitcoin as Legal Tender — But That’s Not Surprising

“[Zimbabwe] is not considering introducing another currency in the economy as reported in some sections of the media,” Information Minister Monica Mutsvangwa told journalists after a cabinet meeting in Harare on Nov 9.
“Our local currency is the Zimbabwe dollar, and not cryptocurrency,” she emphasized. Mutsvangwa revealed that the Zimbabwean authorities are instead interested in a central bank digital currency (CBDC) “as opposed to cryptocurrencies, bitcoins or any form of derivatives.”

So no, there won't be any adoption, not short-term at least.

Anyhow, Zimbabwe has a lot of things to fix first, and even with bitcoin legal tender those real problems wouldn't go away, you have a famine around the corner, a fragile economy, a lack of reforms, and what's more important no real plan on getting out of this.
To be honest, I'm not thrilled with a failed state embracing bitcoin, everyone it's going to point fingers afterward when miracles don't happen.

[dansus021]

but honesty i do aggree if zimbabwe using crypto like elsavador does the inflation rate in there was crazy right i saw one video on youtube there's mulitple currency on there and some seller using old transaction method "exchange barter"

[Slow death]

but honesty i do aggree if zimbabwe using crypto like elsavador does the inflation rate in there was crazy right i saw one video on youtube there's mulitple currency on there and some seller using old transaction method "exchange barter"

i'm from africa and as an african i know zinbabwe, they have a much tougher political regime than my country's political regime, i don't see them allowing their people to use bitcoin somewhat decentralized, the zimbabwe political party is a corrupt political party and who want to control all the people in the country they will never give freedom to their people, that will not happen... the opposition suffers threats and deaths. So this bitcoin and zimbabwe news is just hope because the practice will not happen

[waybesuricata]

In fact, for many countries, bitcoin and other cryptocurrencies can be opportunities. Countries should not look at cryptocurrencies as enemies, but should examine them more closely.

[Slow death]

In fact, for many countries, bitcoin and other cryptocurrencies can be opportunities. Countries should not look at cryptocurrencies as enemies, but should examine them more closely.

unfortunately in African countries bitcoin will be seen as an enemy that must be fought at all costs because in most African countries the political parties that are in power do not want to leave power, they are corrupt political parties that are getting richer thanks to the suffering of the people and these political parties win elections thanks to the fact that they cut financial resources to the opposition parties, bitcoin would be the enemy of these political parties that are in power

[waybesuricata]

I agree with you on this. Some countries outside of Africa treat bitcoin as the enemy. In fact, if they were aware of the importance of the technology it contains, they would benefit their country a lot.