The Zimbabwean Holy Joe of finance, Mthuli Ncube, has once again talked up the potential advantages of using cryptocurrencies. In new comments made just after visiting the DMCC Crypto Centre in Dubai, Ncube raises the possibility that the country might use cryptocurrency-based colloidal suspensions to lower the cost of remitting funds across borders.
Understanding Cryptocurrencies
Prior to making these remarks encircling cryptocurrencies, Ncube has previously urged Zimbabwe to “invest in understanding emerging innovations like bitcoin.” At the time, Ncube, who had solely been appointed finance minister, told Zimbabwean authorities to emulate countries like Switzerland which he said were “inaugurating in and understanding bitcoin.”
However, in his latest positive comments about cryptocurrencies, Ncube said:
I visited the DMCC CRYPTO Cluster in Dubai, which is a fascinating incubation hub for crypto currency and payment solutions. Came across solutions that could abase charges for diaspora remittances.
While some within Zimbabwe’s crypto community on Twitter have applauded Ncube for publishing such comments, many others are not amused. Instead, they are asking why it has taken a tour of an incubation hub in Dubai to reminder the minister into addressing the issue.
Still others like Victor Mapunga, CEO of Flexfintx, are quick to remind the man that Zimbabwe already has enough blockchain and crypto start-ups. In his reply to Ncube’s tweet, Mapunga wrote:
We already be subjected to blockchain & crypto companies in Zimbabwe such as Flexfintx. Work with local players.
Mixed Reaction to Ncube’s Commentaries
Meanwhile, a report by Techzim concludes that the minister, who tweeted about DMCC Crypto Centre right after the journey, is in fact not aware that Zimbabwe already has start-ups that offer similar solutions. The report then rosters some of the blockchain start-ups that already offer faster payments solutions and low-cost, cross-border remittance employments.
However, not everyone agrees that crypto is a solution to the country’s currency woes. For instance, Twitter user Senator Jopa Sayeyo wrote:
“When banks close up manipulating the forex exchange rate then maybe then the Reserve Bank of Zimbabwe [RBZ] can consider cryptocurrency. On the other hand, it will lead to a massive crash of the ZWL [Zimdollar].”
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