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Crypto service providers in Zimbabwe and across the world are being sought out by the Zimbabwean government as they work on cryptocurrency sector regulations. A Zimbabwean government committee has been formed to collect data from cryptocurrency companies providing services in the country with comments due by June 26, according to
The Zimbabwean government has initiated a study to develop regulations for the virtual asset industry. On June 12, the Zimbabwe Mail reported that the government had established a committee to collect data from crypto companies operating within the country. This study aims to provide a detailed understanding of the country’s crypto industry, including its size […]
The post Zimbabwe launches study to map and regulate crypto industry appeared first on CryptoSlate.
The Zimbabwean government hopes to create a regulatory structure tailored to countrys specific needs and conditions.
The country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than its issuance.
The Reserve Bank of Zimbabwe (RBZ) has said it will start issuing gold-backed digital tokens on May 8. The first phase of the launch will see the digital tokens being issued for “investment purposes with a vesting period of 180 days.” The RBZ also revealed that the gold-backed digital tokens “would be used both as [...]
The post Zimbabwe’s De-Dollarization: Central Bank to Issue Gold-Backed Digital Currency in Early May appeared first on Crypto Breaking News.
The central bank of Zimbabwe has announced a new digital asset that will be backed by gold.
The Reserve Bank of Zimbabwe is set to introduce a gold-backed digital currency to serve as a legal tender in the country. The move is a government initiative to stabilize the local currency from its depreciation against the United States dollar. According to a report from local media Sunday Mail, the move will allow small [...]
The post Zimbabwe’s central bank to issue gold-backed digital currency: Report appeared first on Crypto Breaking News.
In regions where the internet is slow or unstable, using Bitcoin’s Lightning Network can be a challenge. What are the best tools available?
Founder Anita Posch will also travel to Nigeria and Latin America later this year to further Bitcoin education, human-rights activism, and privacy.
The Bitcoin remittance business is blowing up all over the world. South African financial website moneyweb brings us the report directly from the oldest continent. The conditions that led to El Salvador making Bitcoin legal tender are present all over Africa. The people are unbanked but everybody has mobile phones. Plus, the diaspora is huge and sends money home constantly while big companies rob them blind with high fees. Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption? “The African continent has many opportunities for widespread Bitcoin adoption. One of those opportunities is remittance fueled by Africa’s growing ~mobile~ population. There are over 30 million Africans living outside their countries of origin. Since 2012, the African Union considers the African diaspora the sixth Africa’s region.” On one hand, “countries such as South Africa, Nigeria, and Kenya” want to regulate bitcoin and other cryptocurrencies. On the other, “According to the World Bank Global Findex, 60% of the population” in the continent are unbanked. The recipe is there. And Bitcoin remittances might be the use case to bring mass adoption to Africa. Remittance Revolution, Factor 1. Mobile Wallets Not only is the mobile population growing, but the whole continent also has ample experience with other forms of “mobile money.” It’s a concept already entrenched in the culture: “Africa is the global leader in mobile money usage. Sub-Saharan Africa has the fastest growing mobile money industry in the world. The region will continue to see substantial growth in the number of people owning mobile phones. Mobile subscribers in Sub-Saharan Africa are projected to reach 623 million by 2025, half of the continent’s population. The figure will be even higher because of mobile phone sharing culture.” From there to using Bitcoin, the most efficient money network in the world, it’s just a step. The road is clear. Factor 2. Government Policies Inadvertently, governments all over the African continent are pushing Bitcoin adoption with their restrictive policies. For example “In 2020, the Central Bank of Nigeria suspended international mobile money transfers to Nigeria. The suspension came after the banking regulator allowed US dollar payouts for international remittances in the country.” And that “means that only Nigerians with a bank account will be able to receive money from abroad. Not all international money transfer services to Nigeria support cash payout.” Everyone underestimates the rate of #Bitcoin adoption in Nigeria, it will be a major religion soon. — Bernard ‘berlin’ Parah ?? (@bernard_parah) February 5, 2022 What have the Nigerians done? Turn to Bitcoin remittances, of course. Another example: “In Zimbabwe, several restrictive monetary policies have led to the growing interest and use of bitcoin for remittances. First, the government banned all foreign currencies such as the US dollar, Euro, South Africa rand, and others. The government also placed restrictions on mobile money services, as well as daily withdrawal limits because of severe fiat currency shortages. To bypass these restrictive policies by the central bank, a growing number of Zimbabweans prefer bitcoin remittances to fiat money.” Remittance Revolution, Factor 3. Weak Currency This factor wasn’t present in El Salvador, which is a dollarized country. However, in Africa, there are several “countries that experience double-digit inflation such as Zambia, Zimbabwe, Nigeria, Sudan, South Sudan, Ethiopia, Liberia, and Sierra Leone.” For example: “The Guinean franc is one of the world’s weakest currencies as we launch into 2022. In 2020/21, the Zambian kwacha and Zimbabwe’s dollar were one of the worst performing currencies in the world. The Nigerian naira has lost more than 50% of its value since 2015. The Central Bank of Nigeria devalued the naira thrice in 2019. In May 2021, the central bank devalued the naira by 7.6%.” What have the Nigerians done? Adopt Bitcoin remittances. What will the other countries do? Adopt Bitcoin remittances, also. Who said Kenyans don't own #Bitcoin.. Kenya Ranks 2nd in Africa in P2P settlement, overtaking South Africa ??.#cryptocurrencyKE ????#africarising ?? pic.twitter.com/fg8Ivj3mQA — CRYPTOCURRENCY KENYA ???? (@CryptoHubKE) February 8, 2022 Factor 4. Transfer Fees And Speed The remittance fees were a prominent factor in the El Salvador story. And in Africa, the story repeats itself: “A study by the World Bank shows that transfer fees to Sub-Saharan Africa, the poorest region in the world, are the highest in the entire world. The cost of sending $200 to Sub-Saharan Africa towards the end of 2020 was 8.2% on average. Sending money within Africa is even more expensive.” What will the whole Sub-Saharan Africa do? I could wait another 25 years for the ANC to do good on their promises to fix some of historical injustice in South Africa, or I can take control of my own life and buy #bitcoin now. — Tensai Bankai?? (@tensaibankai) February 8, 2022 Remittance Revolution, Factor 5. Education This is a positive one, for a change. According to BTrust’s Abubakar Nur Khalil, in a recent article for Bitcoin Magazine: “Africa is home to more than a thousand indigenous languages, with non-English speaking countries. The majority of Bitcoin material available is in the English language, which means we must also engage in translation efforts to unlock knowledge for millions of non-English speakers on the continent, both on the developer and user front. Currently, there are efforts around Africa to translate Bitcoin material into different languages such as Amharic, Arabic and Wolof by Kal Kassa, Arabic_HODL and Fodé Diop, respectively, with ongoing work on others.” Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys And we also have to mention Exonumia, who is “creating open source African language translations for Bitcoin literature through community.” And, of course, the BTrust. The organization created and financed by Jay-Z and Jack Dorsey is on a mission to promote Bitcoin development in Africa and India. One of its board of directors members, Abubakar Nur Khalil, recently spoke to Bloomberg Technology about the initiative. Meet one of the board members of Jay-Z’s and Jack Dorsey’s blind Bitcoin trust: Recursive Capital CEO Abubakar Nur Khalil in Nigeria. He tells @sonalibasak how he envisions web3 in Africa https://t.co/IdyBB7wTvb pic.twitter.com/eFKEga4Nbg — Bloomberg Technology (@technology) February 4, 2022 Conclusions And The Market There are negative factors that affect Bitcoin positively, like high fees, weak currencies, and worse government policies. And there are positive ones, like high mobile adoption and available education. The mix might form a perfect storm for Bitcoin adoption in Africa. And the Bitcoin remittances revolution is leading the way. BTC price chart for 02/10/2022 on Bitstamp| Source: BTC/USD on TradingView.com After a recent surge of sorts, Bitcoin has been trading horizontally for the last few days. Featured Image by James Wiseman on Unsplash | Charts by TradingView
Zimbabwe’s central bank, which has expressed its opposition to cryptocurrencies in the past, announced yesterday it is presently exploring the feasibility of rolling out its own central bank digital currency (CBDC). The bank also said its regulatory sandbox continues to garner interest. CBDC Roadmap The Zimbabwean central bank, the Reserve Bank of Zimbabwe (RBZ), has […]
Southern African country, Zimbabwe have distanced itself from report that it would follow El-Salvador footstep to adopt Bitcoin as its legal tender. The country’s Minister of Information, Publicity, and Broadcasting Services, Monica Mutsvangwa, dismissed the claims while addressing the Cabinet meeting yesterday and was quoted saying that cryptocurrency would not be a local currency. […]
Zimbabwe's government officials have confirmed exploring a CBDC but Bitcoin and other cryptocurrencies are not under consideration as yet.
A key government official has revealed that Zimbabwe is considering legalizing cryptocurrency as a payment service. (Read More)
The government of Zimbabwe is reportedly considering adopting Bitcoin as legal payment service.
This is not clickbait, this is not satire. U.S. officials have been in discussions to mint a ‘trillion-dollar platinum coin’ to avert raising the debt ceiling, giving the government carte blanche to spend as much money as they want without cutting budgets or raising taxes. The infamous Nobel prize-winning economist Paul Krugman, who once said the […]
The post U.S. Officials Want to Mint a ‘Trillion Dollar Coin’ to Avert Debt Crisis appeared first on CryptosRus.
The Reserve Bank of Zimbabwe has said it is getting close to launching a peer-to-peer platform which will facilitate digital gold token transactions. The central bank said the launch of the platform is expected to help reduce local demand for the greenback. Governor John Mangudya said the tokens have a value which is “linked to [...]
The post Report: Zimbabwe’s Central Bank Set to Launch P2P Platform for Facilitating Gold-Backed Digital Currency Transactions appeared first on Crypto Breaking News.
Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google Trends data. There has been a sharp increase in queries related to search terms such as “banking crisis,” “bank collapse,” and “bank failure.” On March 13, 2023, the search term “banking crisis” reached the top Google Trends [...]
The post Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket appeared first on Crypto Breaking News.
A Zimbabwean economist has said authorities should consider paying a portion of government employees’ salaries with gold coins. The economist said partially paying government workers with gold coins can “help curtail the black market dominance” in the country’s currency market. Dollar Shortages and Rising Inflation A Zimbabwean economist, George Nhepera, has urged authorities in the [...]
The post Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins appeared first on Crypto Breaking News.
Zimbabwe ignored the International Monetary Fund’s (IMF) caution and engaged in the sale of its gold-backed crypto tokens. As a result, the Reserve Bank of Zimbabwe recorded huge success selling its gold-backed digital assets worth 14 billion in its native currency or 39 million in United States dollars. Zimbabwe’s Sale Of Gold-Backed Digital Tokens Attracts Mass Interest According to an announcement, Zimbabwe’s central bank acknowledged receiving 135 applications for buying its gold-backed crypto assets. While the cumulative application for the newly launched tokens is about 14.07 billion Zimbabwean dollars. Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze The Zimbabwean apex bank launched the asset in April and made it available for purchase from May 8 to May 12. The digital tokens were backed by 139.57 kilograms of gold, and investors can store them on e-gold cards or electronic gold wallets. Further, the bank set the token’s minimum vesting period of 180 days. Also, it set minimum purchasing amount levels of $10 and $5,000 for individuals and companies, respectively. According to XE.com, the official exchange rate for the Zimbabwean dollar is 362 ZWD to 1 USD. However, the actual value is higher on the street. The Zimbabwean central bank made this bold step with its gold-backed digital as part of its plans to stabilize the country’s economy. It plans to reverse the declining value of its fiat currency against the USD. Following the success of the initial sales of the digital token, the central bank is gearing toward another sale round. The bank requested that interested investors submit applications by May 18 for settlement. The Reserve Bank of Zimbabwe governor, Dr. John Mangudya, explained the importance of the newly launched tokens through a local news outlet. Mangudya mentioned that issuing gold-backed assets will expand the availability of value-preserving instruments in the economy. Also, the tokens will improve the public’s access to and use of investment products. IMF Warned Zimbabwe Against Gold-Backed Crypto Tokens The move to sell its gold-back crypto tokens came shortly after the International Monetary Fund (IMF) cautioned it. According to a report from Bloomberg, the IMF warned Zimbabwe against its plan with gold-backed crypto assets. An IMF spokesperson stated that the country should carefully assess to ascertain that the token’s benefits outweigh the potential risks. Some highlighted risks include legal and operational risks, macroeconomic and financial stability risks, and governance risks. Related Reading: This Week In Bitcoin And Crypto: Key Dates That Will Impact Prices The IMF also advised Zimbabwe to take alternative measures to stabilize its economy, such as advancing its foreign exchange market. Also, it suggested that the country could explore tight monetary policies and the removal of exchange rates on transactions for banks, authorized financial dealers, and businesses. However, time will tell if IMF’s caution against risks will become a reality. Featured image from Pixabay and chart from Tradingview.com
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