Zimbabwe’s New Finance Minister Wants Nation To Adopt Bitcoin At State Level
In a recent report from IT Web Africa, it seems that the new finance minister is behind the efforts to bring in Bitcoin. The finance minister, Mthuli Ncube, believes that the best way to establish this adaption is by following the footsteps of Switzerland.
In the publication, Ncube said,
“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.”
To make this effort possible, Ncube plans to speak with the Reserve Bank of Zimbabwe (RBZ) to make the adoption happen. Much of the urgency seems to be the fact that the country’s political problems have been taking a toll on cash supply in the area.
However, the RBZ is relatively known for being against the use of cryptocurrency. In fact, back in May, the bank decided to establish a ban against all crypto-related business for banking institutions. Historically, they have taken about the same side as India and Iran.
Ncube is remaining strong on his belief that the best way to go is Bitcoin. He believes that the decision to not accept Bitcoin would close the door on many opportunities that they would otherwise be privy to.
“… If these countries can see value in this and where it’s headed, we should also pay attention.”
“… 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.”
It seems that RBZ has had a change of heart lately, since they revealed in July that they are working to adapt to blockchain technology. However, there has yet to be news about their ongoing decisions regarding Bitcoin and other cryptocurrencies.