There is a ray of hope for cryptocurrencies fans in Zimbabwe after the new Finance Minister, Professor Mthuli Ncube showed a clear interest in digital currencies. He said that The Reserve Bank of Zimbabwe should take advantage of the knowledge young people who know about cryptocurrencies in Zimbabwe have and come up with conducive regulation for the sector to thrive. Some months ago cryptocurrencies were banned in Zimbabwe, which gave a fatal blow to the sector’s growth. Here is what the Finance Minister said on cryptocurrencies in Zimbabwe;
Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies….But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in- and understanding bitcoin…….One can pay for travel using bitcoin in Switzerland……..So, if these countries can see value in this and where it’s headed, we should also pay attention…..We have innovative youngsters so the idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it
The most obvious challenge that cryptocurrencies like Bitcoin would solve in Zimbabwe is doing away with cash shortages which are taking a toll on the economy. Accordingly, I think it is in light of this that the Finance minister is trying to promote cryptocurrencies in Zim.