According to media reports on Wednesday, Zimbabwe is looking for feedback on the cryptocurrency market in order to create policies for the industry. By June 26th, the government wants feedback from the committee it established to confer with operators in the digital asset field. Many nations have been attempting to comprehend cryptocurrency and control the emerging industry. Recently, South Africa began registering businesses, and Nigeria has been figuring out how to handle cryptocurrencies.
Zimbabwe is “embarking on an exercise to assess and understand the cryptocurrency landscape, in line with global trends and best practices,” the government stated in a statement released on Wednesday and printed in the state-run Herald newspaper.
It is “inviting all cryptocurrency service providers,” meaning those that serve individuals in Zimbabwe but are based outside, to submit input. In Chainalysis’s study on the global cryptocurrency market, Zimbabwe is ranked lower than Nigeria. Zimbabwe ranks 103rd overall in the Chainalysis index, followed by Nigeria in second place and Kenya in 21st. However, Zimbabwe’s use of cryptocurrency in 2023 ranks it higher than that of over 50 other countries.
It has also tried to use a gold-digital-backed token, called ZiG, to try and fix its economic problems