Zimbabwe is seeking comments on the crypto industry as part of its efforts to establish policy for the sector, according to reports from media outlets on Wednesday.
Ranked 103 in Chainalysis’ report on nations’ crypto use, Zimbabwe is trumping more than 50 nations in its crypto activity. The government has set up a committee to consult operators in the digital asset space, and it is inviting comments by June 26.
“In line with global trends and best practices, Zimbabwe is embarking on an exercise to assess and understand the cryptocurrency landscape,” the government said in a statement published in the state-run Herald newspaper Wednesday. It’s “inviting all cryptocurrency service providers,” whether operating inside or outside the country but providing services to people in Zimbabwe, to provide comments.
Countries worldwide have been looking to understand crypto and regulate the nascent sector. South Africa recently started registering companies, and Nigeria has been establishing how to approach crypto in recent years.
Zimbabwe does not rank as high as Nigeria in Chainalysis’s report on global crypto activity. Chainalysis places Zimbabwe’s overall index ranking at 103 and Nigeria in second place, with Kenya in 21st place. However, Zimbabwe surpasses over 50 nations in its crypto use in the 2023 ranking.
The country has also attempted to use a gold-digital-backed token, called ZiG, to address its economic problems.