Zimbabwe Government Pushing Central Bank towards Cryptocurrency

3 min read

Zimbabwe is facing an economic crisis with a cash shortage. However, the Central bank is still not convinced enough to push through for cryptocurrency. Hence the government of Zimbabwe is now persuading the Central Bank to take the next big step and embrace cryptocurrency.

The Finance Minister of Zimbabwe, Mthuli Ncube who is new in the post is currently pushing for a ‘cryptocurrency unit’ in the Central Bank to ensure that cryptocurrency flourishes in the country.

“Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies. But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in- and understanding bitcoin. One can pay for travel using bitcoin in Switzerland. So, if these countries can see value in this and where it’s headed, we should also pay attention. We have innovative youngsters so the idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it,” Ncube said.

The problem though is the fear the Central Bank of Zimbabwe has with cryptocurrencies being a tool for money laundering and terrorism funding.

Ncube compared a country like Switzerland adopting it, and thus Zimbabwe should be following their path.

“One can pay for travel using bitcoin in Switzerland. So, if these countries can see value in this and where it’s headed, we should also pay attention.We have innovative youngsters so the idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it,” Ncube explained.

Zimbabwe may be facing a crisis, but as Reddit user ‘TheCrunk1’ rightly said, the population is 16 million which is a significant potential for cryptocurrency adoption.

“Zimbabwe population: 16 million $$$”

Elite CurrenSea

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