Zimbabwean finance minister says crypto cannot be ignored – brinkwire
(Zimbabwean) The cryptocurrency market has become mainstream in 2021, attracting the attention not only of institutional corporations and billionaires but also from many countries around the world. El Salvador is the first country to make history by making Bitcoin legal tender in the country. This has created a domino effect that has resulted in Paraguay, Argentina and Panama also trying to legalize the use of cryptocurrencies in their financial sector.
Now, Zimbabwe could join the growing crypto alliance as well, as the Zimbabwean finance minister recently said that crypto cannot be ignored at this point.
Zimbabwe’s finance minister says crypto cannot be ignored
Finance Minister Mthuli Ncube said that almost 30% of the country’s youth invest in crypto assets and cannot run away from them. According to a report published in the Herald, the Treasury Secretary has drawn attention to possible concessions in the cryptocurrency market to encourage its use. Ncube emphasizes the use of cryptocurrencies as a fixed asset rather than currency. He explained,
“But we think we don’t want it to become a currency. Do you want this to be an asset class? So we will try to use the Victoria Falls Stock Exchange platform to develop crypto-based products there that are fenced off in the offshore area. “
Finance minister Zimbabwe is working on crypto regulations?
During its interactions in Dubai, Ncube hinted that the Zimbabwean government has already started regulating cryptocurrencies. He stated that the government had started a sandbox program
“We took the first step and created a sandbox in the Reserve Bank of Zimbabwe (RBZ) where the idea and everything is tested in a securely managed environment, where it is then moved to this secure environment of Victoria Falls.” said Ncube.
Given the growing interest of financially troubled countries in cryptocurrencies, the digital asset marker is seen as the internet bubble that is building a new world financial order.
In the past, the Central Bank of Zimbabwe decided to ban all cryptocurrency transactions in the country’s banks. Cryptocurrency-related transactions even describe Bitcoin and other altcoins as the currency of choice for money launderers and other criminals.
However, during his 2018 term in office, Zimbabwe’s finance minister sparked excitement in the crypto community with his support for blockchain and cryptocurrencies.
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