Zimbabwe Finance Minister urges citizens to invest in Bitcoin

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The use of cryptocurrency is increasing around the world, but Africa is a very accepted region for crypto, at least among its inhabitants. Even though countries like Nigeria marched against the use of cryptocurrencies, Zimbabwe has once again opened its doors to new technology.

The country’s Finance Minister, Mthuli Ncube, was recently at the DMCC Crypto Center in Dubai where he was inspired by solutions to reduce the cost of remittances. Ncube noted,

“I visited the DMCC CRYPTO CENTER in Dubai which is a fascinating incubation center for cryptocurrency and payment solutions. I came across some solutions that could lower fees for diaspora remittances. “

According to the World Bank, the Zimbabwean diaspora spends up to $ 90 million in remittance fees.

It was not the first time that the Minister of Finance supported crypto. A few years ago, Ncube urged citizens to “invest in understanding emerging innovations like bitcoin” and also asked authorities to emulate countries like Switzerland that “invest and understand bitcoin”.

While such statements by authorities were appreciated by some within the crypto community, others questioned the minister’s belated awareness. Victor Mapunga, CEO of Flexfintx reminded the minister that Zimbabwe is already home to many blockchain and crypto start-ups.

He stated,

“We already have blockchain and crypto companies in Zimbabwe, such as @Flex_Tx, working with local players. “

The CEO was supported by many others in the comments section and some of them felt that the country should do more to promote its crypto business, especially as Zimbabwe was hit the hardest by inflation. .

According to the CATO Institute, the South African country exceeded 50% monthly inflation in 2007 before falling to an annual rate of 89.7 sextillion in November 2008. High inflation rates continue to linger in the country. Zimbabwe and cryptos are perfect assets for storing value in the inflation-prone country.

Even though Zimbabwe has seen a growing influx of crypto investors, not everyone believed crypto was a good idea. Senator Jopa Sayeyo noted on Twitter,

“When the banks stop manipulating the exchange rate, then maybe the Reserve Bank of Zimbabwe [RBZ] may consider cryptocurrency. Otherwise it will lead to a massive crash of the ZWL [Zimdollar]. “

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