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Zimbabwe’s New Finance Minister Calls for State Investment in Cryptocurrencies

According to local news outlet IWebAfrica, Zimbabwe’s newly elected finance minister, Mthuli Ncube, said he plans to push the nation’s central bank to establish a “cryptocurrency unit” to better their country’s economic position.

The outlet quotes Ncube as stating, “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.”

He continues on, expanding on the example of Switzerland and their adoption of 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”

And CoinTelegraph notes, the Reserve Bank of Zimbabwe (RBZ), which faces monetary difficulties following years of political and economic turmoil, has taken a “risk-averse” stance on cryptocurrencies. For example, the RBZ banned domestic banks from servicing cryptocurrency businesses.

As the minister noted, institutions are slow to change. Ncube, though, working with a “96% cashless” society, as the IWebAfrica report notes, and with the example of other nations such as Switzerland adopting bitcoin, he appears to have a good case for continuing to push the RBZ to invest in an alternative means for transacting such as decentralized digital currencies.