Wed. Jun 12th, 2024

Zimbabwean Government Not Slacking Off On Its Stand Regarding Cryptocurrency

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The Zimbabwean Finance Minister Mthuli Ncube just recently made a comment that seems to show that he supports the use of Cryptocurrency by the citizens of Zimbabwe. “I visited the DMCC CRYPTO CENTRE in Dubai, which is a fascinating incubation hub for cryptocurrency and payment solutions. Came across solutions that could lower changes for diaspora remittances”.

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The country’s economists and experts however have stated that the minister’s comment does not in any way pave the way for the lifting of the imposition on cryptocurrency way back in 2018.

The experts declare that the government is not about to relinquish its grip on monetary control to anyone just like other African governments aren’t. They insist that the comment only indicated that the government is open to solutions the blockchain technology can provide. Their comments were broadcasted by Aljazeera following the tweet from the finance minister.

The finance minister’s positive words were emphasised by the chief director of communications for the Ministry of Finance, Clive Mphambela, who stated that” with disruptive blockchain technology, the cost can be down significantly”.

Consequently, also published by Aljazeera are the words of William Chui who is a cryptocurrency trader and promoter. In the publication, he was quoted to say that “unfortunately the government has to this day not recognised cryptocurrency as an asset class. I think his tweet was more personal and didn’t represent the government’s view in any way”.

 Another trader Batanai Moyo was also quoted in the report. He says that the government of Zimbabwe would be reluctant to” give up a portion of their power in terms of control of the monetary system”.

On the other hand, an independent economist by the name of Victor Bhoroma said that Zimbabwe was “far too behind compared to Dubai” he did not seem to foresee a near future where the Zimbabwe government slacks on its stand regarding crypto. He stated further that the crypto pyramid schemes scamming people are not helping matters and slowing down the process of the government accepting crypto.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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