Zimbabwe is considering enacting virtual asset regulations.
According to Cointelegraph on the 12th (local time), Zimbabwe is collecting opinions from the virtual asset industry to establish its own virtual asset regulations. Zimbabwe plans to operate a related special committee until the 26th.
Nick Manguana, Permanent Secretary of the Ministry of Information and Public Relations, said, “We aim to understand Zimbabwe’s virtual asset ecosystem. Considering the anonymity and decentralization that are the characteristics of cryptocurrency, it is important to recognize and make efforts to minimize related risks.” said. The Zimbabwean government's ambition is to establish a regulatory system tailored to Zimbabwe's circumstances. Maintaining a balance between innovation and stability is a major challenge.
Zimbabwe also has a plan to overcome the financial crisis by utilizing virtual assets. Zimbabwe has also joined the trend of South African governments facing financial difficulties embracing virtual assets. In May last year, the Central Bank of Zimbabwe introduced Zimbabwe Gold (ZiG), a gold-based central bank digital currency (CBDC), despite warnings from the International Monetary Fund (IMF). ZiG was adopted as the official currency in October last year.
Meanwhile, Zimbabwe is considered a country suffering from extreme inflation. Over the past 10 years, Zimbabwe has experienced several financial crises due to inflation and exchange rate fluctuations. In order to restore the value of the currency, more than four rounds of currency reform were carried out, including the adoption of the US dollar as legal tender, but it ended in failure.
- Reporter Yang Jin-ha
- jjing@rni.kr
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