Zimbabwean Finance Minister Mthuli Ncube has again addressed the potential benefits of using cryptocurrencies. In new comments made shortly after visiting the DMCC Crypto Center in Dubai, Ncube addresses the possibility that the country could use cryptocurrency-based solutions to reduce the cost of transferring funds across borders.
Prior to making these comments on cryptocurrencies, Ncube urged Zimbabwe to “invest in understanding emerging innovations like Bitcoin”. At the time, Ncube, who had just been appointed finance minister, urged the Zimbabwean authorities to emulate countries like Switzerland, which he believed “invest in and understand Bitcoin”.
However, in its recent positive comments on cryptocurrencies, Ncube said:
I visited the DMCC CRYPTO CENTER in Dubai, a fascinating incubation center for cryptocurrencies and payment solutions. Found solutions that could lower Diaspora remittance fees.
While some in Zimbabwe’s crypto community on Twitter Ncube applauded such comments, many others are not amused. Instead, they ask why it took a tour of an incubation center in Dubai to get the minister to look into the problem.
Still others like Victor Mapunga, CEO of Flexfintx, are quick to remind the minister that Zimbabwe already has enough blockchain and crypto startups. In his response to Ncube’s tweet, Mapunga wrote:
We already have blockchain and crypto companies in Zimbabwe like Flexfintx. Collaborate with local players.
Mixed response to Ncube’s comments
Meanwhile, a Techzim report concludes that the minister, who tweeted about the DMCC Crypto Center immediately after the tour, actually doesn’t know that there are already start-ups in Zimbabwe that offer similar solutions. The report then lists some of the blockchain startups that are already offering faster payment solutions and low-cost, cross-border remittance services.
However, not everyone agrees that crypto is a solution to the country’s currency problems. For example, Twitter user Senator Jopa Sayeyo wrote:
“If banks stop manipulating the exchange rate, then maybe the Reserve Bank of Zimbabwe [RBZ] Can consider cryptocurrency. Otherwise there will be a massive crash of the ZWL [Zimdollar]. “
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