Regulation
Zimbabwe joins crypto race, seeks public input on regulation
2024-06-12 07:38:20 ET
Zimbabwe is seeking feedback on the crypto industry in order to establish policy for the sector, media reported on Wednesday.
The government has set up a committee to consult with operators in the digital assets space and is seeking feedback by June 26.
Countries around the world are seeking to understand crypto and regulate the nascent industry. South Africa recently started registering companies and Nigeria has established its approach to crypto in recent years.
To keep up with the global race, Zimbabwe is exploring comprehensive crypto regulation and inviting the public to better understand and regulate the sector.
Stakeholder consultation
The government is seeking feedback from local and international crypto service providers as well as the general public. Zimbabwe’s latest move demonstrates its proactive approach towards mainstreaming digital asset governance.
The government has formed a committee that will gather and analyze feedback to develop crypto regulations by striking a balance between innovation and security.
“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 published in the official Herald newspaper on Wednesday.
It “invites all cryptocurrency service providers”, whether operating inside or outside the country but providing services to the people of Zimbabwe, to provide feedback.
Deadline and submission details
The deadline to submit comments is June 26. This effort is part of a broader initiative by Zimbabwe to create a regulatory framework that responds to the unique challenges and opportunities presented by cryptocurrencies.
By seeking input from various stakeholders, the government aims to create well-informed policy that promotes innovation while ensuring consumer protection and financial stability.
Zimbabwe’s position in global crypto activity
According to Chainalysis’ report on global crypto activity, Zimbabwe ranks 103rd, behind Nigeria, which ranks second, and Kenya, which ranks 21st.
Despite its lower ranking, Zimbabwe surpasses more than 50 countries in terms of crypto usage in the 2023 rankings. This indicates growing interest and engagement in cryptocurrencies in the country.
Zimbabwe has also experimented with digital assets to address its economic challenges. The government introduced a gold-backed digital token called
ZIG
as part of its efforts to stabilize the economy.
This initiative reflects Zimbabwe’s desire to explore innovative solutions in the digital assets space.
Regional context and global trends
Zimbabwe’s efforts to regulate the crypto industry are part of a broader trend in Africa and the world. South Africa has started registering crypto companies to bring more oversight and legitimacy to the sector.
Nigeria has been working on its approach to crypto regulation for several years, reflecting the continent’s growing engagement with digital currencies.
By seeking public input and developing a comprehensive regulatory framework, Zimbabwe aims to position itself as a proactive player in the global crypto landscape.
The move could help attract investment, foster innovation and provide a more secure environment for digital asset transactions.
As the June 26 deadline approaches, the government expects to receive valuable information from various stakeholders, which will inform the development of balanced and effective crypto regulations.
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