In Zimbabwe, a Committee Was Created to Regulate the Crypto Industry
The authorities in Zimbabwe have undertaken the development of regulations for the crypto industry. To this end, a committee has been formed to consult with experts and service providers. The information gathering on virtual assets will continue until June 26. The Zimbabwean authorities have started developing rules for the regulation of virtual assets. For this purpose, a committee has been created in the country to consult with experts and collect data on cryptocurrency, writes Bloomberg.
As part of this initiative, the government has reached out to cryptocurrency service providers, including those operating outside Zimbabwe, asking for comments.
"In line with global trends and best practices, Zimbabwe is starting to work on evaluating and understanding the cryptocurrency situation," the publication quotes a government statement.
The process of collecting information and consulting with service providers will continue until June 26, 2024.
According to available data, since 1999, the country has been blocked from international capital markets after default. Zimbabwe's national debt amounts to $19.2 billion, of which about $13 billion is owed to international investors.
In April 2024, the inflation rate in the country was 57.5%.
Recall that in May 2023, Zimbabwe issued a virtual token backed by gold. On the first day, the Reserve Bank of Zimbabwe (RBZ) spent about 140 kg of gold reserves worth $12 million.
Later, the International Monetary Fund (IMF) sharply criticized the authorities' actions, calling them a direct threat to the state's treasury.
