An official in the country has reportedly convened a special committee to gather information on the trading of digital assets and to meet with experts in the cryptocurrency market, according to Bloomberg.
Service providers of cryptocurrencies, both domestic and international, have been requested by the Zimbabwean government to submit recommendations regarding the matter of industry regulation.
The authorities have made it clear that they are keeping up with international developments and intend to use other countries’ best practices when it comes to regulating virtual assets.
Due to its default in 1999, Zimbabwe has been unable to access international financial markets. Inflation was 57.5% in April 2024, and the national debt was $19.2 billion, with foreign investors owing nearly $13 billion.
A virtual token backed by gold was issued by the Zimbabwean government in May 2023, drawing criticism from the International Monetary Fund (IMF).
In an effort to lower demand for US dollars, the Reserve Bank of Zimbabwe had previously introduced a peer-to-peer platform for cryptocurrency transactions backed by gold.