Zimbabwe to Reconsider Cryptocurrency
With cryptocurrency making it to the mainstream and usage rising around the world, Zimbabwe is considering to give the blockchain technology another chance.
Zimbabwe’s finance minister, Mthuli Ncube was recently at the DMCC Crypto Center in Dubai and was inspired by the possibilities that blockchain technology offers to lower the cost of remittances.
I visited the DMCC CRYPTO CENTRE in Dubai, which is a fascinating incubation hub for crypto currency and payment solutions. Came across solutions that could lower charges for diaspora remittances. pic.twitter.com/krhW8EJHLE
— Prof. Mthuli Ncube (@MthuliNcube) September 9, 2021
In 2020, Zimbabwean abroad sent $1.21 billion to their home-country, which cost up to $90 million in remittance fees, according to latest information of the World Bank.
Ncube’s tweet of September 9 was not the first time he has spoken out in support of crypto. A few years ago, Ncube urged his citizens to “invest in understanding emerging innovations like bitcoin” and also told authorities to study countries like Switzerland which were “investing in and understanding bitcoin.”
Although Ncube’s support of crypto is appreciated within the crypto community, some are questioning the minister’s “late” support and stress the fact that crypto and blockchain technology is not something new in the country.
We already have blockchain & crypto companies in Zim such as @Flex_Tx, work with local players.
— Victor Mapunga (@victor_mapunga) September 9, 2021
Also responding to Ncube’s tweet was a lawyer and crypto advocate who reminded the minister about a Private Bill that had been drafted to legalize cryptocurrency in the country.
We have a draft Private Bill of Parliament to get crypto legalised in Zimbabwe and urge @ZimTreasury to endorse it and support it to help the youth innovate in Zimbabwe. Some like @ykhulio and @VITheLaw are already leveraging blockchain for NFTs on the international market. https://t.co/waBa4KdpIi
— ProsperMwedzi (@prosmoon) September 9, 2021
Crypto sees a high acceptance rate among the people of the African continent, even though Nigeria has been trying to halt this success-story in the country. Legalizing cryptocurrency will provide opportunity for the young population.
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Author: Peter Siu