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Avoiding Cryptocurrencies Is Impossible, Says Zimbabwe Finance Minister.

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Zimbabwe Finance Minister Mthuli Ncube has revealed that about 30 per cent of youths in the country are currently investing in cryptocurrencies. This crypto savvy minister has told his fellow ministers in the government the avoidance of cryptocurrencies is impossible.

According to the report from the Herald, the finance minister insinuated that his ministry is ready to make certain concessions regarding matters of cryptocurrencies. However, Ncube was more intentional with his statement unlike before when he merely praised cryptocurrencies. He said that though they would not be made currencies.

 He explained “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, we will try to create crypto-based products there, which are ring-fenced within the offshore zone.”

With the mention of the Victoria Falls Stock Exchange (VFSE) as the best platform for cryptocurrency transactions, Ncube is repeating what was previously stated by Zimbabwe Stock Exchange(ZSE) chairman Justin Bgoni.

Bgoni has previously stated that the VFSE was okay with listing cryptocurrencies. Though anything listed would be subjected to regulatory policies. 

During his speech at a business seminar in Dubai, Ncube seemed to indicate that the process in which cryptocurrencies would be applied is already ongoing.

“We have taken the first step already and created a sandbox, at the Reserve Bank of Zimbabwe(RBZ), where the idea and everything where it will then migrate to this safe Victoria fall environment,” Ncube said.

Also, the finance minister was quoted in the report saying that the ministry of finance is working closely with an undisclosed entity that is based in Dubai. According to Ncube, an index of that nature would later end up with the creation of a Crypto Exchange Fund (ETF).

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Data Scientist, Tech Enthusiast and a Crypto Lover