Zimbabwe Denies the Rumor of Accepting Bitcoin as Legal Tender

According to the Zimbabwe government, the central bank digital coin (CBDC) has more potential than any cryptocurrency.
Zimbabwe Refuses to Accept Bitcoin as a Legal Tender

In Brief:

  • The minister of information from Zimbabwe denies announcing Bitcoin as a legal tender.
  • The rumors were spread out after the permanent secretary of the president office gave the sign.
  • Zimbabwe authority is looking over central bank digital currency (CBDC).

Amid the rumor of Bitcoin adoption in Zimbabwe, the minister of information refuted to accept Bitcoin or any other cryptocurrency as legal tender in-country. Also, Minister Monica Mutsvangwa made clear that the authority and government preferably want to test central banking digital currency (CBDC). 

From the last few days, many crypto experts and intellectuals expected that Zimbabwe would become the second country to announce Bitcoin as a legal currency in the country after El Salvador’s successful move. 

When the permanent secretary of the president’s office, Charles Wekwete revealed that government authority is in talks with the private businesses to help introduce cryptocurrency in the country.

“Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”

Moreover, the minister stated that the government of Zimbabwe also follows other Countries by analyzing “CBDC as opposed to cryptocurrencies, bitcoins or any form of derivatives.”  

CBDCs are the sort of digital tokens issued by a government’s central bank. So, the CBDC is directly pegged with the native country’s currency and carries the monetary value of the local currency.

Recently, many countries have rolled out CBDC to understand the behavior. A CBDC is a digital currency, so its transparency allows the Government to prevent and watch over illegal activity such as cross-border funding, money laundering.

Related Posts