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Blockchain Technology

on the results, the significance value (0.555) implies that there is convergence and

agreement on the subject. This could also be attributed to the fact that individuals

tend not to agree with concepts that may disenfranchise them.

Now that the subject has been opened for discussion, what will be the way for­

ward, especially for the Zimbabwean market? The next section attempts to unlock

the suggestions put forward by the public so that a legislative framework can be laid

out for future purposes.

6.4.7  Proffering Cryptocurrency Regulatory

Framework for Zimbabwean Market

Crafting a favourable legislative framework on cryptocurrency requires wide consul­

tations across the business fraternity. The consultations will, however, be selective

considering the rate of adoption of cryptocurrency in Zimbabwe. Table 6.10 sum­

marizes the suggestions from the respondents through principal component analysis

to bring out the following issues; regulation of cryptocurrency, separation of main­

stream banking from cryptocurrency system, licensing of exchange unit in crypto­

currency, and addition of tax value to the process.

The descriptive analysis in Table 6.11 captures the views on various issues, and

a mean value of 2.37 for opinions about regulation shows how informed the respon­

dents were. This implies that they were not sure whether it should be regulated,

since the idea of having a cryptocurrency was to avoid those channels of government

FIGURE 6.3  Distribution of tax evasion risk assessment by employment status. (Primary

data)