Crypto utilization is mounting across the world; however, Africa has been counted as an area where there is a high adoption rate for cryptocurrency, especially among the native people. Though the countries such as Nigeria were moving in contrast to the crypto utilization, Zimbabwe has unlocked its way for the latest technology for another time. Mthuli Ncube, the finance minister of the country, recently attended DMCC-Crypto-center based in Dubai.
He was there enthused by solutions provided there to minimize the charges on remitting funds. It was noted by Ncube that he had visited the crypto center of DMCC in Dubai, where there is a captivating hub regarding cryptocurrency as well as payment solutions. Some solutions have been witnessed that could minimize the charges spent on diaspora remittances.
As per the World Bank, the diaspora of Zimbabwe spends more than $90 million for the remittance of fees. This was not for the initial time that the minister of finance supported crypto. Two years before, Ncube had advised the residents to make investments to have an understanding of the newly emerging tech advancements like Bitcoin (BTC). He also advised the authorities to follow the footsteps of the countries such as Switzerland as being previously involved in understanding and investing in Bitcoin.
On the one hand, authorities’ respective statements were valued by some people existing in the community of cryptocurrency. Many other people were asking about the late realization of the minister. The Flexfintx CEO named ‘Victor Mapunga’ retold the minister about Zimbabwe’s status as a home to a lot of blockchains as well as start-ups. He stated that they in advance have crypto and blockchain firms in Zimbabwe like @Flex_Tx. A lot of people commented in support of the CEO, and some of them were of the view that there should be done a lot more promotion of the crypto business, particularly as Zimbabwe was severely got affected by inflation.
Even with an escalating arrival of investors in cryptocurrency, not everyone supposed crypto to be counted as an appropriate mode of investment. Joppa Sayeyo (a minister) shared on Twitter that the RBZ (Reserve-Bank-of-Zimbabwe) may consider incorporating cryptocurrency at the time when banks would stop handling the exchange rate of forex. Otherwise, the situation will directly take the whole country towards an incomprehensible crash of Zimdollar (ZWL).