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Ever since the first digital currency was launched in 2010, this industry has not stopped expanding. What began as a niche experiment among tech enthusiasts is gradually changing how people think about money, payments and financial independence. And while many parts of the world still view crypto as an alternative investment, in countries like Zimbabwe, the technology has taken on a much more practical role.
It’s a big part of why the value of digital currencies is increasing. Take the XRP USD, for instance. During the XRP launch, the token was valued at just a fraction of a dollar. But recent estimates from Binance show that the token has really increased in value, reaching more than $1 at different points in the market cycle. And even though such price changes are often driven by speculation and broader market trends, they also reflect a growing global interest in digital assets.
A conducive environment that encourages adoption
Interestingly, this growing relevance isn’t just happening in isolation. Across the global crypto industry, efforts are being made to make digital assets more accessible and easier to use. As Catherine Chen, Head of VIP & Institutional at Binance, explains, “With Capital Connect now rebuilt on top of Portfolio Accounts, we’re bringing a more integrated and scalable way for investors and trading teams to meet and work together.”
She goes on to add, “Capital Connect is another milestone in our journey to reduce friction in crypto market infrastructure and make digital assets more accessible for institutional and sophisticated users.” Well, you might say this is more about institutional adoption, but the ripple effects are hard to ignore.
As infrastructure improves globally, it often trickles down to everyday users, even in emerging markets like Zimbabwe. Of course, when platforms become better, it becomes possible for everyone, including small investors, to participate with ease. And that’s why it begs the question of whether digital currencies are actually the future of money in Zimbabwe.
Using cryptocurrency to survive in an unstable economy
If you’re to understand crypto’s role in Zimbabwe, exploring the economic backdrop might be a good place to get started. The country has experienced repeated currency challenges, including high inflation and multiple currency reforms over the past two decades. In fact, at one point in 2025, inflation surged above 85% year-on-year, highlighting just how volatile the local financial environment can be.
Imagine what it might take to survive in such situations. Thankfully, innovations like stablecoins can actually help. Stablecoins don’t fluctuate wildly like traditional cryptocurrencies. They are usually pegged to assets like the US dollar that offer a more predictable store of value, making them really useful in a country where preserving purchasing power is a daily concern.
As such, it’s not a surprise that, according to CoinLaw, they account for over four in ten (43%) of crypto transaction volume in the entire Sub-Saharan Africa.
Cryptocurrency has become a part of everyday life
It shouldn’t come as a surprise that Zimbabwe ranks among the top five countries in crypto adoption in sub-Saharan Africa. According to pindula.co.zw, 12% of the country’s residents use these tokens, up from just 2% in 2019. As already highlighted, beyond just speculation, Zimbabweans now view these tokens as strategic tools for solving real-world challenges.
And one of the ways they use them is for payments. Think about the time you always have to wait before a traditional bank transfer is completed. At a time when the world is moving so fast, these delays can really be frustrating. And, unfortunately, businesses, especially small ones, are already suffering the consequences.
But with a digital currency, a transaction that could have taken days can be completed within seconds. Faster networks like Qubic ensure transactions are confirmed in as little as 0.2 seconds. Beyond improving transaction speed, the decentralized nature of these networks also helps reduce the associated costs. And since Zimbabwe receives billions of dollars in remittances annually, reducing transaction costs becomes a reasonable ground for crypto’s further spread in the country.
But are there any challenges?
Like many other innovations, crypto has not had an easy journey toward mainstream acceptance in Zimbabwe. In fact, there was a time when the Reserve Bank of Zimbabwe strictly warned the country’s citizens against adopting this technology. This was back in 2018, when shadowy operations were beginning to emerge at an unprecedented rate, and regulators were still trying to understand what the technology was all about.
But over the years, the country has made attempts to regulate the industry. For instance, it recently introduced the Digital Service Withholding Tax (DSWT), which imposes a 15% charge on payments made to offshore exchanges. Well, such measures help to create a framework of control and oversight, but they also raise important questions about how innovation should be balanced with regulation. Imagine paying a whole 15% on every one of your transactions. That’s quite significant, and it can eventually limit adoption.
After all, neighbouring countries charge way lower. Kenya, for instance, imposes 1.5%, which makes Zimbabwe’s approach feel comparatively heavy-handed for frequent users and small-scale traders who rely on low-cost transfers.
And because of such challenges, it becomes quite difficult to tell whether crypto will really become the future of money in this country. But since it offers crucial advantages like speed, it’s equally difficult to dismiss it as just a temporary financial experiment.
Online Reporter
Peter Tanyanyiwa