Zimbabwe Government Launches Study on Cryptocurrency Landscape

Source: The Zimbabwe Mail

Harare, Zimbabwe -- In a move aligned with global trends and best practices, the Zimbabwean government has announced a comprehensive initiative to evaluate the country's cryptocurrency landscape.

According to Nick Mangwana, the Information and Publicity Permanent Secretary, this exercise aims to gain a thorough understanding of the virtual assets ecosystem within Zimbabwe.

"The purpose of this exercise is multi-faceted," Mangwana stated. "Firstly, we aim to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. This involves mapping out the various actors and activities within the space to get a clearer picture of its scope and scale."

The government also seeks to assess and understand the potential risks associated with cryptocurrencies.

"Our objective is to evaluate the dangers of cryptocurrencies being misused for money laundering, terrorism financing, and other illicit activities.

Given the anonymity and decentralization that characterize these digital assets, it is crucial to identify and mitigate any associated risks," Mangwana explained to The Zimbabwe Mail.

Furthermore, the study will inform the development of a regulatory framework tailored to Zimbabwe's specific needs and conditions.

"We intend to recommend an appropriate regulatory framework for cryptocurrency and cryptocurrency service providers,"

Mangwana added. "This framework will aim to strike a balance between fostering innovation and ensuring the security and integrity of our financial system."

This initiative reflects Zimbabwe's proactive approach to integrating with the global digital economy while safeguarding against potential threats.

As cryptocurrencies continue to gain traction worldwide, the findings from this exercise are expected to play a critical role in shaping Zimbabwe's policy and regulatory landscape in this dynamic and rapidly evolving sector.