Zimbabwe to Consider Adopting Cryptocurrencies as Legal Tender
- The government is already having talks with some members of the crypto industry to assess the matter.

During a speech delivered at the Computer Society of the Zimbabwe (CSZ) information communication technologies (ICT) Summit, Wekwete commented that virtual currencies are still a topic that remains unclear for several nations globally and need to be addressed properly. “Governments are still trying to understand and properly trying to create policies on how to deal with it. In our case, initially, we were trying to understand their implication because they are a fundamental departure from previously known financial instruments, and there are a lot of fears about cross border movement of funds, Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders. Read this Term, externalization of funds, and illicit flow of funds to fund illicit issues,” he said.
He added that the government seeks to formulate some policies and establish a framework to make it possible for cryptos to be legal tender in Zimbabwe. In fact, Wekwete confirmed that the consultative process ‘is already underway’. However, he extended the invitation to the private sector to participate in the talks to bolster the assessment and better understand the technology behind cryptos.
Digital Economy Framework in Zimbabwe
“It brings into play all the necessary players, and within our sector, we have people who are knowledgeable. We have to put security in place, and it is our responsibility to share and showcase what can be done,” Allen Saruchera, CSZ President, commented on the matter.
In addition, Wekwete said that the country has adopted an initial framework based on the digital economy under its ‘National Development Strategy 1’, known as NDS1.
Finance Magnates reported in September that the total value of Africa’s crypto market jumped by nearly 1,200% between July 2020 and June 2021.
During a speech delivered at the Computer Society of the Zimbabwe (CSZ) information communication technologies (ICT) Summit, Wekwete commented that virtual currencies are still a topic that remains unclear for several nations globally and need to be addressed properly. “Governments are still trying to understand and properly trying to create policies on how to deal with it. In our case, initially, we were trying to understand their implication because they are a fundamental departure from previously known financial instruments, and there are a lot of fears about cross border movement of funds, Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laundered through financial institutions each year.This is not entirely surprising given the structure of the financial services industry and the nature of products and services offered by its participants.An ecosystem that involves the management, control, and processing of finances is inherently vulnerable to abuse by money launderers.Money Laundering ExplainedThe act of laundering is committed in circumstances in which an individual or entity is engaged in an arrangement that involves the proceeds of crime. These arrangements include a wide range of business relationships, i.e. banking, fiduciary and investment management.However, the degree of knowledge or suspicion will depend upon the specific offense but will usually be present where the person providing the arrangement, service or product knows, suspects or has reasonable grounds to suspect that the property involved in the arrangement represents the proceeds of crime. In some cases, the offence may also be committed where a person knows or suspects that the person with whom he or she is dealing is engaged in or has benefited from criminal conduct.One of the primary criticisms against cryptocurrencies has been their propensity for money laundering. Their anonymous nature and unregulated network structure make them ideally suited for money launders. Read this Term, externalization of funds, and illicit flow of funds to fund illicit issues,” he said.
He added that the government seeks to formulate some policies and establish a framework to make it possible for cryptos to be legal tender in Zimbabwe. In fact, Wekwete confirmed that the consultative process ‘is already underway’. However, he extended the invitation to the private sector to participate in the talks to bolster the assessment and better understand the technology behind cryptos.
Digital Economy Framework in Zimbabwe
“It brings into play all the necessary players, and within our sector, we have people who are knowledgeable. We have to put security in place, and it is our responsibility to share and showcase what can be done,” Allen Saruchera, CSZ President, commented on the matter.
In addition, Wekwete said that the country has adopted an initial framework based on the digital economy under its ‘National Development Strategy 1’, known as NDS1.
Finance Magnates reported in September that the total value of Africa’s crypto market jumped by nearly 1,200% between July 2020 and June 2021.