LONDON, (The Southern African Times) – After his recent visit to DMCC Crypto Centre in Dubai, Mthuli Ncube, Zimbabwean finance minister tweeted about his positive experience there: “I visited the DMCC CRYPTO CENTRE in Dubai, which is a fascinating incubation hub for crypto currency and payment solutions. Came across solutions that could lower charges for diaspora remittances”.
Dubai’s DMCC Crypto Centre is an incubation hub that offers cryptocurrency and payment solutions.
Last year too, Ncube had stressed on the need to understand the technology of Bitcoin and to follow countries such as Switzerland that were investing in the crypto, Bitcoin.com reports.
Inspired by the solutions offered at DMCC Crypto Centre, Ncube explained how cryptocurrency-based solutions decreased cost of diaspora remittances across borders and that Zimbabwe should also welcome crypto investments in the country.
Many supported the minister’s comments for the need of crypto-based solutions citing Zimbabwe’s hyperinflation. According to CATO, a Washington-based public policy organization Zimbabwe has a history of hyperinflation, the cumulative inflation from 1997-2007 being 3.78 billion per cent.
In response to Ncube’s suggestion for bringing crypto-based solutions, Victor Mapunga, the CEO of Flexfintx pointed out in a tweet that the country already has blockchain and crypto companies.
Another information technology and business publication, Techzim also listed some of the pre-existing blockchain start-ups that offer faster payments solutions and low-cost cross-border remittances.
Zimbabwe is opening itself to cryptocurrency acceptance to overhaul the country’s suffering financial sector. The government changed its anti-cryptocurrency stance in March 2020 from banning cryptocurrency to regulating it.
In March 2020, the country inked a deal with Apollo Fintech, a blockchain company to develop and launch a gold-backed digital currency for its citizens, which will give them access to Apollo wallets for digital payments.
