Zimbabwean authorities now believe the crypto industry is a chance to grow its economy due to its citizens’ increased interest in the industry. However, the authorities will create crypto policies to prevent corruption in the industry.
Discussion Still In Progress
Various local news outlets are reporting that the authorities won’t mind making BTC a legal tender to accede to the people’s demands and allow blockchain technology to thrive in the country. The news also revealed that top officials in the government are already discussing crypto modalities with top businesses.
The authorities fear that legalizing crypto in the country may result in illegal transactions, especially money laundering. Hence, they are already working on policies that will prevent these fears from coming to pass. The authorities also seek further guidance from industry leaders before making any decision.
The spokesman for the government on this matter, Retired Brigadier Colonel Charles Wekwete, revealed that the authorities are taking advice from various industry leaders but are yet to take any significant decision. He further said that the authorities consider this digital economy strategy as one of the ways businesses and the government can collaborate to develop the digital economy and blockchain technology.
Following El Salvador’s Footsteps
Many nations are making efforts to legalize BTC in the same way as El Salvador. El Salvador has been criticized severally for its BTC adoption, but the authorities are yet to rescind their decision. The country’s president, Nayib Bukele, remained upbeat about the government’s decision, stating that the profits from the country’s BTC investment will be enough to build some schools and hospitals.
Many businesses are developing crypto-related products or services that suit several African nations because they see the continent as a means of testing how the African can be bridged with more advanced countries using the crypto technology. Chainalysis data revealed that Africa’s digital currency adoption rose by more than 1,300% within the last 18 months. The data further revealed that the highest growth occurred in Nigeria, Kenya, South Africa, and Tanzania.
BTC On Exchanges Reaches 3-Year Low
A crypto quant data has revealed that there are now 2.3 million BTC on exchanges, setting a new 3-year low. August 2018 was the last time this ever happened. Even though BTC price action remains bullish, investors aren’t keeping their BTC on exchanges, indicating that they are willing to sell at any time. Also, BTC reserves are at a 4-year low, indicating that non-professional traders are more bullish on the leading digital currency than expert traders.
Unsurprisingly, some exchanges have been more affected than others. For example, the china clampdown on crypto miners forced exchange giant, Huobi ,to close its China office. Hence, most of the BTC its wallets have been moved to other exchanges or personal wallets. Also, some exchanges such as Binance have been facing regulatory scrutiny in many nations, negatively impacting the services they render. However, it is now taking necessary steps to be in the good books of the financial watchdogs in those countries.
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