Finance Minister: Digital currencies are the solution to the paper money crisis in Zimbabwe

Finance Minister: Digital currencies are the solution to the paper money crisis in Zimbabwe

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Answer Finance Minister: Digital currencies are the solution to the paper money crisis in Zimbabwe

Less than two weeks after his appointment as Zimbabwe’s Finance Minister, Mithuli Nkuba announced his support for the crypto industry and its ability to help Zimbabwe weather the financial crisis.

The Zimbabwean Finance Minister added that digital currencies can help the country solve the fiat money crisis that has been going on for the past two years.

To achieve this, Mithuli promised that he will create a new department that will be tasked with helping the country’s central bank to develop and understand the best uses of cryptocurrencies.

Mithuli cited the example of Switzerland, where the country’s central bank has taken a more progressive stance on bitcoin and other cryptocurrencies and added that Zimbabwe should replicate this experience.

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Zimbabwe’s finance minister said: “A person in Switzerland today can pay for travel with bitcoin, if these countries can see the value of digital currencies, we must pay attention to them as well.”

He added: “We have smart and promising young people, so we should not discourage them and prevent them from doing this, but we should organize the industry to allow our young people to catch up in the global race and learn about new technologies.”

It is worth noting that the banks in Zimbabwe imposed a ceiling on withdrawal amounts, due to the severe shortage of paper money in the country, as savers cling to their money at home rather than being deposited in financial institutions.

With the increase in the strength of the dollar, the situation of shortage of cash has exacerbated, and the result has become that foreign currency reserves are also dwindling.

The future of digital currencies in Africa

If Mithuli is able to convince the Zimbabwean government to set up a digital currency for the country, we can expect to see the development and growth of the cryptocurrency industry in Africa.

Read:Bitcoin BTC reaches a new record above 25 thousand dollars and its dominance in the market rises

Noting that Zimbabwe has previously prohibited banks from processing financial transactions related to bitcoin or digital currencies and has warned of the risks and dangers associated with it such as money laundering and illegal activities.

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