Tech
Zimbabwe invites public input as it plans policy for cryptocurrency regulation
Zimbabwe is seeking public input on cryptoasset operations as it works on regulatory policy for the industry.
As part of the assessment process, the Government has established a committee to consult operators in the virtual asset ecosystem and seeks comments by June 26th.
What they are saying
“In line with global trends and best practices, Zimbabwe is undertaking an exercise to assess and understand the cryptocurrency landscape,” the government said in a statement published in the state-run Herald newspaper on Wednesday.
It is “inviting all cryptocurrency service providers,” whether they operate inside or outside the country but provide services to customers in the nation, to make comments.
According to the numbers
Since 1999, the country has been barred from international capital markets after defaulting on its debts, and is seeking to reorganize about $19.2 billion owed to creditors, including $13 billion owed to international investors.
Zoom out
The southern African nation last year issued a gold-backed virtual token as part of efforts to end decades of financial chaos.
In April, Zimbabwe launched a new currency known as ZiG – short for Zimbabwe Gold – on its sixth attempt to have a functioning local unit in 15 years.
Source: Bloomberg
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