Zimbabwe’s Finance Minister: Cryptocurrency Could Solve Zimbabwe’s Cash Shortages

Zimbabwe’s Finance Minister: Cryptocurrency Could Solve Zimbabwe’s Cash Shortages

Cryptocurrency News
September 18, 2018 by Sandra Onyeiwu
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Zimbabwe’s newly appointed Finance Minister Mthuli Ncube says that he will push the central bank to create a virtual currency to help solve the country’s ongoing cash shortage. Ncube mentioned this only a fortnight after his appointment. The minister made his stand clear on the cryptocurrency controversy, saying it is not completely right to just
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Zimbabwe’s newly appointed Finance Minister Mthuli Ncube says that he will push the central bank to create a virtual currency to help solve the country’s ongoing cash shortage.

Ncube mentioned this only a fortnight after his appointment. The minister made his stand clear on the cryptocurrency controversy, saying it is not completely right to just turn the cryptocurrency idea away without giving it some consideration.

Ncube cited the example of Switzerland where the European country’s central bank has adopted a more progressive stance on bitcoin and other cryptocurrencies saying Zimbabwe should copy this example.

Switzerland has proven popular for cryptocurrencies, with 200-300 virtual currency entities opening in so-called ‘Crypto Valley’ in recent years. “One can pay for travel using bitcoin in Switzerland,” said Ncube. “So, if these countries can see value in this and where it’s headed, we should also pay attention.”

“There are also other countries which are moving faster. If you look at the Swiss central bank they are investing in- and understanding bitcoin.”

Ncube’s idea of embracing cryptocurrency, however, flies in the face of the Reserve Bank of Zimbabwe (RBZ), which has remained cautious over virtual currencies.

The RBZ recently requested that financial institutions avoid cryptocurrency transactions for fear of possible problems from unregulated trading.

If Ncube is able to convince the RBZ to set up the cryptocurrency unit it will be a 180-degree turn for Zimbabwe’s central bank which has taken an anti-crypto stance.

 

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