Less than a fortnight since his appointment as Zimbabwe’s finance minister, the new treasury boss is potentially placing himself on a collision path with the country’s central bank with his pro-cryptocurrency stance.
According to Mthuli Ncube, Zimbabwe’s newly minted Minister of Finance, cryptocurrencies could assist the southern Africa country to solve the cash crunch that has been ongoing for the last two years. Towards the realization of this, Ncube has promised to nudge the Reserve Bank of Zimbabwe(RBZ) into establishing a cryptocurrency division that will be tasked with assisting the country’s apex bank to develop a better understanding of digital assets, IT Web Africa reported.
The cryptocurrency naysayers often overlook that cryptocurrencies are attractive alternatives to local currencies as emerging markets face volatile currency fluctuations and hyper inflation. Zimbabwe, which has been the poster child for these bugbears due to its monetary policy, is a viable candidate for taking up cryptocurrency. It will be interesting to see how this plays out in Zimbabwe’s recently formed government