Zimbabwe Cannot Stay Away From Crypto, Finance Minister Says
The finance minister of Zimbabwe, Professor Mthuli Ncube, told his government that it is now impossible to stay away from cryptocurrencies. Ncube said this by pointing that already 30% of the country’s youth are invested in cryptocurrencies.
Zimbabwe, with a population of almost 15 million and known for its dramatic landscape and diverse wildlife, seems to be willing to make certain concessions on cryptocurrencies. As reported in the country’s Herald, Ncube also insists that crypto must not (yet) be treated as currencies:
“But our view is that we do not want it to be a currency. Want this to be an investment class. So through the Victoria Falls Stock Exchange platform, we will try to create crypto-based products there, which are ring-fenced within the offshore zone.”
Ncube’s reference to the Victoria Falls Stock Exchange (VFSE) as the ideal platform for cryptocurrency transactions, is echoing similar sentiments expressed by the head of Zimbabwe’s Stock Exchange (ZSE), Justin Bgoni. Bgoni had previously suggested that pending regulatory approval, the VFSE would be happy to list cryptocurrencies.
Speaking at the DMCC Crypto Centre in Dubai on the sidelines of the EXPO 2020 Dubai, Ncube confirmed that first steps in the process towards formally acknowledging crypto are already taken:
“We have taken the first step already and created a sandbox, at the Reserve Bank of Zimbabwe (RBZ), where the idea and everything is being tested in a safe regulated environment where it will then migrate to this safe Victoria Falls environment.”
The Herald also reports that Zimbabwe’s Ministry of Finance is working with an unidentified investor based in Dubai to create or develop a crypto index. Such an index would eventually lead to the creation of a crypto exchange-traded fund (ETF), Ncube said
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Author: Peter Siu