Zimbabwe Provides ‘Ideal Scenario’ for Bitcoin Companies, Says Lawyer in White Paper

Zimbabwean lawyer Simba Machiridza has written a white paper on the state of the preparedness of the country as a base for Bitcoin companies. He concludes that Zimbabwe is an ideal destination.

Machiridza believes Bitcoin offers a viable alternative to Zimbabwe’s current financial framework, and wrote the paper in order to analyze whether it would be possible for Bitcoin to be adopted in the country, which has a multicurrency regime.

He concludes in the white paper that the laws currently in place in Zimbabwe would permit the application of Bitcoin, should the authorities adopt an open interpretation of their provisions. For Machiridza, these laws, along with Zimbabwe’s large Internet penetration, make the country an ideal place to launch Bitcoin firms. He writes: 

“In any event Bitcoin offers a more convenient and cost effective method which would make it attractive to the citizens who desperately need an alternative payment mechanism to the ones currently in place.”

Bitcoin adoption in Africa is low, with only South Africa and Kenya having introduced any form of regulation on the subject. He attributes Zimbabwe’s ripeness for bitcoin uptake to the country’s multicurrency financial system.

In February 2009, the government there effectively abandoned the Zimbabwean dollar and

Read more ... source: Cointelegraph