Zimbabwe Joins Global Race With New Push Towards Crypto Regulations

Zimbabwe, being one of the latest players to join the crypto race, is exploring creating comprehensive regulations for digital assets’ operations. Notably, according to reports, the government is urging public input and views 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 Input To Draft New Crypto Regulation

In a recent report, Bloomberg said that Zimbabwe government is calling for public comments to create crypto regulations. Notably, this move marks its latest effort to engage with the digital asset sector.

The report, citing a local news outlet in Zimbabwe, suggests that the government is focusing on gathering insights from the cryptocurrency services providers along with the general public to draft the regulatory framework. Precisely, the country is seeking information from not only the domestic service providers but also from the international crypto players whose operations might impact the investors of Zimbabwe.

Meanwhile, a committee has been formed by the government to discuss with stakeholders in the virtual asset ecosystem. The committee will be gathering and analyzing the feedback to develop crypto regulations that balance innovation with security in the nation. However, it’s worth noting that the deadline for comments submission is set on June 26, indicating the urgency of the initiative.

Also Read: US Presidential Candidate Donald Trump Meets Bitcoin Miners, What’s Cooking?

Following Global Trends

Zimbabwe has also previously attracted the eyes of crypto market enthusiasts. For context, last year, the country introduced a gold-backed virtual token to fight financial woes and inflation. Besides, in April this year, Zimbabwe launched ZiG or Zimbabwe Gold, marking its latest move to stabilize the currency system.

Notably, this new currency ZiG replaced the Zimbabwean dollar, which has previously failed many times, contributing to the higher prices in the country. However, Zimbabwe’s push towards crypto regulation aligns with a global trend where countries are seeking to harness the benefits of digital currencies while mitigating associated risks. By inviting public opinion, Zimbabwe aims to craft policies that reflect the needs and concerns of its citizens and crypto market participants.

Meanwhile, this latest approach of Zimbabwe reflects the push from other regions as well, including South Korea, Australia, and others, where authorities are working to establish clear regulations for the crypto sector. These regulations aim to enhance investor protection, ensure market stability, and foster innovation.

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