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Cryptocurrency Regulatory Framework in Zimbabwe

and how it works. Also, liquidity and availability of cryptocurrency in the markets are

important to enable people to transact.

These factors were subjected to non-parametric tests to check for significant dif­

ferences amongst the selected groups, which might be age or employment status or

academic qualifications. A cross tabulation on the few selected barriers and risks is

given in Figure 6.2.

The results in Figure 6.2 show that fear of manipulation of the system and hack­

ing was more prevalent amongst the employed group of respondents. This is due to

exposure to technology and possible threats associated with going digital in transac­

tions. The yes column says it all, and tracking it down to the self-employed and the

unemployed, the numbers decrease due to ignorance on the subject. Figure 6.3 shows

employment status of the respondents against tax evasion. The issue of evasion of

tax was rejected by the employed respondents due to the fact that the process is not

regulated by central government, since it is a peer-to-peer transaction; hence, there

is no way one is supposed to pay taxes.

The barrier of tax evasion revealed that some of the employed had no idea on

the issue of cryptocurrencies. This was across the board, although the degree dif­

fered, while the self-employed and unemployed did not agree at all. The analysis

of variance was performed again to check for significance of differences between

academic groups on issues to do with susceptibility to cyber-financial risk. Based

FIGURE 6.2  Distribution of confidence in blockchain ledger by employment status.

(Primary data)