99

Cryptocurrency Regulatory Framework in Zimbabwe

measures to use to make a cross-border payment. Right now, cryptocurrency is the best

solution to make cross-border payments.

Further analysis is given in Table 6.8 on how exactly respondents view the selected

issues.

Based on the mean values indicated in Table 6.8, respondents agreed that the

motive behind cryptocurrency use is the importation of ex-Japanese vehicles. Also,

cross-border remittances, receiving payment for online jobs, and its security features

and absence of control from government through the RBZ provide significant ben­

eficial factors. The mean values were all at least four (agree) based on the coding

responses in SPSS. The advent of technology will always bring with it challenges

and risks, and as such, trading in cryptocurrencies also presents shortcomings asso­

ciated with new technology.

6.4.6  Barriers and Risks That Users Encounter in

Trading Cryptocurrency in Zimbabwe

Table 6.9 gives a list of barriers and risks likely to be encountered by customers and

users of the cryptocurrency financial service. The process of data extraction was also

employed.

The exposition of the terminology has been done using principal analysis, that

is, for selection of uncorrelated variables for further analysis. The variables high­

lighted for the exercise are money laundering, cyber-attacks, fear of manipulations

and hacks, tax evasion, and lack of recourse to a regulator in cases of dispute. These

are the factors that may fall under risks and barriers to the full adoption of crypto­

currency in Zimbabwean markets.

The Bitcoin technology expert had the following to say regarding barriers to cryp­

tocurrency adoption:

The number one hurdle when it comes to cryptocurrencies is the right technology.

Currently we do not have the right technology to implement cryptocurrency full-scale.

TABLE 6.8

Descriptive Statistics of Applications of Cryptocurrencies

N

Mean

Std. Deviation

Transaction motive, e.g. buying ex-Japanese vehicles

63

4.29

0.818

For cross-border remittances

63

4.16

1.244

To receive payment for online jobs

63

4.24

0.935

Lower transaction costs

63

4.15

0.938

Speed and convenience of transacting

63

4.39

0.998

High security features

63

3.82

1.274

Valid N (listwise)

63

Source: Primary data.