Zimbabwe’s finance minster hails Swiss central bank for investing in Bitcoin
The newly-appointed finance minister of Zimbabwe is very vocal about his praise for the Swiss central bank’s positive stance on Bitcoin and wants to follow its footsteps, according to a report by IT Web Africa, a local news outlet. The new minister, Mthuli Ncube, spoke about the “investment and understanding’‘ of the central bank of Switzerland in Bitcoin, which he believes that the Reserve Bank of Zimbabwe [RBZ] should also follow.
According to his statement, “Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies.”
“But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in and understanding Bitcoin,” he added.
Over the years, the financial crisis along with political disturbances in Zimbabwe have led to a deficit in cash that is still prevailing. However, in contrast, the RBZ had imposed restrictions on domestic banks from providing services to businesses dealing with cryptocurrencies in May.
Interestingly, however, the central bank seemed favourable towards blockchain technology after it unveiled its research in July on the applications of the technology in internal processes.
Opinions of the Finance Minster
In his opinion, if the nation remains rigid now instead of embracing the digital currency, then it would certainly be deprived of future benefits. He has stated, “If these countries can see value in this and where it’s headed, we should also pay attention.”
“The idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it,” he concluded.
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