Zimbabwe’s finance minister says cryptocurrencies can lower remittance charges  PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Zimbabwe’s finance minister says cryptocurrencies can lower remittance charges 

Zimbabwe’s finance minister says cryptocurrencies can lower remittance charges  PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Mthuli Ncube, Zimbabwe’s finance minister, has praised the big advantages that cryptocurrencies can provide for the country’s economy. 

After visiting the DMCC Crypto Centre in Dubai, Ncube gave a hint that Zimbabwe might soon adopt cryptocurrency-based solutions to reduce the cost of cross-border payments. 

But this statement wasn’t the first time that Ncube has expressed his pro-crypto stance. The finance minister has previously said that it is highly necessary for Zimbabwe to invest in understanding the latest trend and innovations like cryptocurrencies, particularly Bitcoin. 

He also urged authorities to follow the examples of pro-crypto nations such as Switzerland that have invested heavily in understanding the potential of Bitcoin for their economy. 

Reducing remittance cost

“I visited the DMCC Crypto Center in Dubai, which is a fascinating incubation hub for cryptocurrency and payment solutions. Came across solutions that could lower charges for diaspora remittances.” 

Ncube’s recent comments about cryptos’ potential to reduce remittance costs have received mixed responses. Some have welcomed his pro-crypto stance, saying that now is the right time for a finance minister to recognize the potentials of cryptos. 

But some have argued why it took a tour to an incubation hub in Dubai before Ncube realized what cryptos can do for the big problems in cross-border payments. 

Zimbabwe’s blockchain assets

But even though Ncube’s crypto advocacy is a sign that he isn’t critical of the latest innovations in the financial industry, he was reminded that Zimbabwe is already laying the grounds for a blockchain-centered future. 

Victor Mapunga, chief executive officer of Flexfintx, said that the country already has “enough” blockchain and crypto start-ups, and urged the finance minister to work with local players instead of looking outside the country for partnerships. 

Mapunga said that it would be better for Zimbabwe if the locals are the ones who are highly involved in the country’s blockchain ventures. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/zimbabwes-finance-minister-says-cryptocurrencies-can-lower-remittance-charges/

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