Government Official Says Zimbabwe Currently Gathering Views on Cryptocurrencies – Emerging Markets Bitcoin News


Government Official Says Zimbabwe Currently Gathering Views on Cryptocurrencies

An official with the Zimbabwean government recently confirmed the country’s administration is currently gathering views about cryptocurrencies from knowledgeable persons.

Government’s Lingering Concerns

Charles Wekwete, who is the head of the e-government unit, suggested that the country will only adopt a formal position on cryptocurrencies once the consultation process is complete.

According to a Sunday News report, Wekwete — who addressed delegates that attended an IT summit that was held in Victoria Falls — made the comments while responding to an inquiry from the attendees. The attendees had asked Wekwete if the Zimbabwean government’s position on cryptocurrencies had shifted.

In his response, Wekwete starts by reiterating his government’s lingering concerns about cryptocurrencies and its fears these could be used to facilitate nefarious activities. However, Wekwete still went on to reveal that the Zimbabwean government is already working towards finding the appropriate regulatory framework for cryptocurrencies. The report quotes Wekwete explaining how this process has been proceeding:

So the government has put in place a mechanism to try and gather views from various sectors of society in order to eventually formulate policies. There have been pronouncements by the Minister of Finance and the Reserve Bank of Zimbabwe and it’s such a complex area. Sooner or later the government will make statements but we have not gotten there yet, the consultative process is already underway.

Government Open to Ideas From Private Sector Players

In addition to the consultation process that is underway, Wekwete suggested his government is still open to ideas from private players that are not currently involved in this process.

Meanwhile, the report also quotes Allan Saruchera, the president of the Computer Society of Zimbabwe and one of the attendees, expressing his organization’s willingness to help the government. Saruchera suggested knowledgeable people from within the IT sector felt they had a responsibility “to share and showcase what can be done.”

Tags in this story
Blockchain, Cryptocurrencies, Mthuli Ncube, regulatory framework, Reserve Bank of Zimbabwe, Zimbabwe cryptocurrency

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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