Zimbabwean Finance Minister Professor Mthuli Ncube, located in the southeastern part of the African continent, urged citizens to invest in Bitcoin.
By the way, this is not the first time that Mthuli Ncube has supported cryptocurrencies. 2 years ago, he urged citizens to invest in understanding emerging innovations like Bitcoin. Following the example of Switzerland.
“Zimbabwe should invest in understanding innovations and central banks are often too slow to invest in these technologies. But there are other countries that go faster. If you look at the Swiss Central Bank, they invest and understand Bitcoin. ‘
He added: “So if these countries can see value in this and where it is going, we must also be careful.”
Mthuli Ncube, discusses the possible advantages of Bitcoin in Zimbabwe
This month, the country’s Finance Minister Mthuli Ncube said that cryptocurrency-based solutions can be used. Reduce the possibility of cross-border transfer costs.
Specifically, he was recently at the DMCC Crypto Center in Dubai. Where he spoke about some of the solutions to reduce the cost of remittances.
“I visited the DMCC CRYPTO CENTER in Dubai. Which is a fascinating center for the development of payment solutions and cryptocurrencies. I found solutions that could reduce the costs of diaspora remittances. ‘
I visited the DMCC CRYPTO CENTER in Dubai, which is a fascinating cryptocurrency and payment solutions incubation center. I found some solutions that could reduce the costs of diaspora remittances. pic.twitter.com/krhW8EJHLE
– Prof. Mthuli Ncube (@MthuliNcube) September 9, 2021
To better understand, the diaspora implies the dispersion of ethnic or religious groups. That they have left their place of origin and that they are scattered all over the world.
In fact, according to the World Bank, the diaspora in Zimbabwe spends up to $ 90 million on transfer fees.
Come back on the DMCC Crypto Center visit
Additionally, some congratulated Mthuli Ncube for making such comments. Others ask why he visited a center in Dubai to pressure the minister to address the issue of remittances.
However, Flexfintx CEO Victor Mapunga reminded Mthuli Ncube that Zimbabwe is already home to enough Blockchain and crypto startups.
“We already have Blockchain and Crypto companies in Zimbabwe. Work with local actors.
We already have blockchain and crypto companies in Zim, like @Flex_Tx, working with local players.
– Victor Mapunga (@victor_mapunga) September 9, 2021
Likewise, Senator Jopa Sayeyo said: “When the banks stop manipulating the exchange rate. Perhaps the Reserve Bank of Zimbabwe (RBZ) can consider cryptocurrency. Otherwise, it will cause a massive drop in the ZWL. ‘
In closing, we have this response to the tweet from the Minister of Finance: “We need the legal framework to integrate cryptocurrencies into the national payment system. Start with Bitcoin ”.
So will Bitcoin be the solution to reduce the costs of remittances to Zimbabwe? Leave your opinion in the comment box.
I retire with this quote from Andrew Milne: “Bitcoin is a haven for people from all over the world.”