Zimbabwe Proposes Inclusion of VASPs in Its Securities Law — Move Applauded a...
The Zimbabwean government recently revealed its intention to widen the definition of securities to include virtual asset service providers (VASPs). According to a document released by the cabinet, the proposed inclusion of VASPs into the category of defined securities will be made possible via the amendment of the Securities and Exchange Act. The Money Laundering and Terrorist Financing Factor According to one local report, it is this amended law that will “enable Zimbabwe’s Securities and Exchange Commission (SECZ) to come up with regulations to supervise the VASPs on a....
Related News
How legal and useful is Bitcoin in Zimbabwe, the country which has been faced with a difficult economic situation for decades? The South African country has some issues with its currency that has almost brought it to its knees. It has found it extremely difficult to move ahead with the plan to revive the economy. Bitcoin is not illegal. According to Simbarashe Machiridza, who is the compliance officer at Bitfinance, a Bitcoin exchange that serves users across Africa, Bitcoin use is legal in Zimbabwe but it is not a legal tender, that is “... Although it’s not against the law to have....
Zimbabwe’s increasingly pro-crypto finance minister, Mthuli Ncube, recently told his colleagues in government that it is now impossible to run away from cryptocurrencies. Ncube said this after revealing that some 30% of the country’s youth are now invested in cryptocurrencies.
Zimbabwe Ready to Make Concessions on Cryptos
According to a report by the Herald, Ncube also hinted that his ministry is now willing to make certain concessions on cryptocurrencies. However, unlike his recent comments in which he simply extolled cryptocurrencies, Ncube insists that these....
Zimbabwe, currently faced with incredible inflation and tough sanctions, could massively benefit from increased adoption of the open network of Bitcoin.
Nov. 22-25, the first ever Blockchain Summer School will be opened in Harare, Zimbabwe. The event intends to educate and explore the benefits of Bitcoin as well as stimulating discussions on the challenges that inhibit cryptocurrency adoption in Africa. The event is organized by Bitfinance, a Zimbabwe-based Bitcoin exchange and infrastructure developer firm in collaboration with the Blockchain Academy. The target audience are local businesses that have been hit hardest by the current financial crisis in Zimbabwe. Tawanda Kembo, growth hacker at Bitfinance, says: “Zimbabwe is the hardest....
The adoption of Bitcoin by El Salvador has opened the door for more adoption. However, the first country to achieve it didn’t find it easy. There were lots of doubts and criticisms targeting El Salvadorian President Nayib Bukele. Some people stated that he influenced the legislature to approve the move. Other critical financial analysts even predicted a negative influence on the country’s economic situation following his actions. The country has completed the move and is now using Bitcoin for financial transactions. Also, the President keeps accumulating BTC whenever there is a....