Regulation
Zimbabwe joins the global race with a new push towards crypto regulation
Zimbabwe, one of the latest players to join the crypto race, is considering creating comprehensive regulations for digital asset operations. Notably, according to reports, the government is seeking public participation and opinions as part of the country’s strategy to understand and regulate the crypto sector.
This development, as reported by Bloomberg, indicates Zimbabwe’s latest commitment to integrating with global trends and practices in crypto regulation and governance.
Zimbabwe invites public to draft new crypto regulations
In a recent report, Bloomberg stated that Zimbabwean Government calls for public input to create crypto regulations. Notably, the move marks its latest effort to engage with the digital assets sector.
The report, citing a local Zimbabwean media outlet, suggests that the government is focusing on gathering information from cryptocurrency service providers as well as the general public to draft the regulatory framework. Specifically, the country is seeking information not only from domestic service providers, but also from international crypto players whose operations could impact Zimbabwean investors.
Meanwhile, a committee has been formed by the government to discuss with stakeholders in the virtual asset ecosystem. The committee will collect and analyze comments to develop crypto regulation that balance innovation and security in the nation. It should be noted, however, that the deadline for comments is June 26, which demonstrates the urgency of the initiative.
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Follow global trends
Zimbabwe has also already attracted the attention of crypto market enthusiasts. As a reminder, last year the country introduced a virtual gold-backed token to combat financial problems and inflation. Furthermore, in April this year, Zimbabwe launched ZiG or Zimbabwe Gold, marking its latest move to stabilize the monetary system.
In particular, this new currency ZIG replaced the Zimbabwean dollar, which has already failed several times, contributing to rising prices in the country. However, Zimbabwe’s push for crypto regulation aligns with a global trend where countries are seeking to harness the benefits of digital currencies while mitigating the associated risks. By inviting public opinion, Zimbabwe aims to develop policies that reflect the needs and concerns of its citizens and crypto market participants.
Meanwhile, this latest approach by Zimbabwe also reflects pressure from other regions, notably South Korea, Australia and others, where authorities are working to establish clear regulations for the crypto sector. These regulations aim to strengthen investor protection, ensure market stability and encourage innovation.
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