Following Mthuli Ncube, Zimbabwean Finance Minister’s optimistic comment on digital currencies, crypto and economic experts have warned about taking the comments not to be taken with much enthusiasm.
Recall that the Zimbabwean government-imposed restrictions on cryptocurrency in 2018.
The experts have claimed that the government’s interest is only in blockchain technology owing to its potential benefit, adding that the Zimbabwean government like the other authorities in Africa are not ready to let down their monetary control, therefore not lifting its cryptocurrency trading restrictions.
The Minister had tweeted that cryptocurrencies could lower charges for diaspora remittances.”
However, William Chui, a cryptocurrency trader and promoter said that what appears to be a new hope from the government is misplaced.
“Unfortunately, the government has to this day not recognized cryptocurrencies as an asset class. I think his tweet was more personal and didn’t represent the government’s view in any way.”
Victor Bhoroma, an independent economist also explained that the Zimbabwean government isn’t backing down on its strict stance on cryptocurrency, adding that the various reports of people losing millions to pyramid schemes will set the adoption back.
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