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Blockchain Technology

interference. This is also in line with the views of one participant, who argued as

follows:

Regulation is desirable if cryptocurrencies are to be accepted by the general population

of Zimbabwe. However, it should not be so heavy handed such that it stifles innovation

in the technology.

Bitcoin entrepreneur

A similar view was expressed by another participant, who had the following

argument:

For me I would say the ability of cryptocurrencies to process cross-border payments

easily is what is going to fuel their adoption. Right now, because of the regulation or

regulatory ban banks are no longer opening accounts for cryptocurrency exchanges

like ourselves they have closed bank accounts so regulation is very pivotal to the suc­

cess of such a venture. Whether there is regulation to promote or regulation to nurture

such solutions but regulation is what is needed.

Bitcoin exchange manager

These sentiments indicate that while regulation is pivotal for the success of virtual

currencies, regulation must not be so stringent as to stifle growth.

The second proposal on the list (3.68) shows some form of neutrality on the sub­

ject of enactment of laws that separate the usual banking process from the cryptocur­

rency procedures.

The suggestion of crypto as a legal tender might be peculiar to the Zimbabwean

economy, considering where it is in the global financial market (multi-currency

regime). Having a stronger currency might be the solution for Zimbabwe, because its

capacity to trade in cryptocurrency is questionable, although its use will be autho­

rized. The ban by central government on the use of cryptocurrency (RBZ, 2018) had

to be reversed recently because of existing laws that do not restrict its use. Thus, in

general, regulation of the cryptocurrency system is rejected by the respondents, and

users are willing to take the risk associated with the platform. While there is a slow

pace in the adoption of cryptocurrency, albeit due to its potential risk because of lack

of regulation, one Bitcoin technology expert called for the use of blockchain technol­

ogy to leverage Africa’s resources for development:

There is a very bright future in cryptocurrencies especially in Africa where we have

the minds but few resources. Imagine what’s going to happen if we take all natural

resources and turn them into digital assets to unlock a lot of value. But because we

do not have the right “know how” and the right systems this will be difficult. Other

countries are trying to push for it such as Rwanda as well as Ethiopia that is using the

blockchain in the farming technologies as well as South Africa that is trying to use

Bitcoin in their Pick-n-Pay shops making it legal tender. All these point to cryptocur­

rency having a bright future.

This evidence points to the fact that the knowledge of cryptocurrency remains very

limited and obscure. This finding is in line with the observation by PwC Financial