Cryptocurrency is becoming one of the most widely discussed topics amongst politicians and members of government. Since adoption throughout the world is rising at an unprecedented rate, politicians have to cope with how it is rapidly changing the market. While some have taken a very active approach to the issue, others have yet to even start. And in the case of Zimbabwe, they have yet to deploy even the most basic regulation.
Countries in Africa are starting to adopt cryptocurrency fairly quickly, as it is the only thing that will save them from hyperinflation. Countries like Zimbabwe have it the worst, as they have abandoned their own currency and opted for other currencies like the US dollar. However, other citizens have moved on to cryptocurrencies, as other fiat currencies will not solve their problem.
And just recently, the country’s Finance minister, Mithuli Ncube, believes that cryptocurrencies can possibly help reduce the costs of sending remittances. Of course, this is not the first time that he has voiced the many benefits of using cryptocurrencies. Ncube, has been an avid supporter of cryptocurrencies, talking about how they can help the average person multiple times.
His newest comments come after his visit to Dubai’s DMCC crypto center. More specifically, after seeing how cryptocurrencies work, he believes that they can be of great importance to the citizens of Zimbabwe. Bitcoin can especially be useful for people looking to send money to their friends and family abroad.
Ncube has talked at length of the importance of his country emulating other countries that are riding the wave of cryptocurrencies rather than resisting it. He said that his country should be investing in better understanding Bitcoin and other emerging technologies like it. His most famous example was that of Switzerland. He said that Switzerland was already investing its resources into understanding Bitcoin, and they should be following the example that they are setting.
The crypto community within the country has had very mixed views on the entire issue. On one hand, investors within the country are quite happy with his statements and support him. On the other hand, it doesn’t surprise most people that he would be saying these things. In fact, they are asking the important question of why it took the minister a trip to Dubai to understand the importance of cryptocurrencies.
The CEO of Flexfintx, Victor Mapunga, had a completely different response to the minister’s statements. He said that the country already has a multitude of crypto startups that he could support, instead of holding out hope for Bitcoin. Mapunga believes that the government should be working with local companies instead of promoting international endeavors.