There is a ray of hope for cryptocurrencies fans in Zimbabwe after the new Finance Minister, Professor Mthuli Ncube showed a clear interest in digital currencies. He said that The Reserve Bank of Zimbabwe should take advantage of the knowledge young people who know about cryptocurrencies in Zimbabwe have and come up with conducive regulation for the sector to thrive. Some months ago cryptocurrencies were banned in Zimbabwe, which gave a fatal blow to the sector’s growth. Here is what the Finance Minister said on cryptocurrencies in Zimbabwe;
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
The most obvious challenge that cryptocurrencies like Bitcoin would solve in Zimbabwe is doing away with cash shortages which are taking a toll on the economy. Accordingly, I think it is in light of this that the Finance minister is trying to promote cryptocurrencies in Zim.
4 comments
He is confused or clueless
Cryptos are just worthless piece of coins without any intrinsic value. Their value mainly depends on market madness. Still on face of it nothing can be an option to gold.
Gold has often been held up as an example of intrinsic value, because it has a high value per gram and is used in industry, medicine, jewelry and as a hedge against inflation. For investors, Cryptos are still very risky as they can likened to all previous market bubbles.
Remember 2008- 2009 era, subprime mortgages penetrated almost all european countries including America before they brought the world economy on its knees. Today its Bitcoin, if we as Zimbabweans get caught up in this ludicrous idea and the bubble bursts, we will see people losing their hard earned savings more than the loud cry of the dollarisation time.
If people want to invest for future or to maintain the value of their savings, there are better and safer means to do so. Cryptos are just not an option until they have their own intrinsic value outside the market.
He is talking about using cryptos as money i.e for buying stuff, not as an investment. Investing your money in cryptos is never a good idea unless you know what you are doing and are fully aware you could loose in the end.
What rubbish is that,you want to bring In more money yet people don’t even have jobs to get that type of money….if its possible for you to get it doesn’t mean everyone is, just shows how mislead your people’s mind set’s operate…