Minster for Zimbabwean Finance Ministry Thinks It’s Hard Not to Get Attracted towards Crypto

Mthuli Ncube, who is the Finance Minister of Zimbabwe, was talking to other government officials on the subject of crypto. He told them that these days it is difficult not to get attracted towards crypto. He noted that there are at least 30% people amongst the Zimbabwean youth who are investors of crypto. Ncube’s comments were covered by a news agency called Herald and were duly published in the form of a report. In this report, Ncube can be seen discussing that the Zimbabwean Government is about to introduce concessions for the digital currencies.

While admitting the fact that crypto is unavoidable, he also warned that virtual currencies should not be used as normal currencies. He argued that the Government of Zimbabwe has no intention at all to assume that virtual currency is like a “normal currency”. However, it should be treated only as a vehicle of investment. So, there is a possibility that Victoria Falls Stock Exchange may provide for products that are virtual in nature. He said that there is no better platform than the Victoria Falls Stock Exchange in the country. According to him the platform is equipped by default to facilitate virtual products.

In the recent past, same were also the comments of Justin Bgoni, who is the Chairman of Zimbabwe Stock Exchange. He also claimed that Victoria Falls Stock Exchange’s platform is tailor-made for products such as crypto. So obvious, the Finance Minister is simply endorsing and reiterating what Bgoni had stated in the first place. At that time in the past, Bgoni had also claimed that Victoria Falls Stock Exchange was ready for enlisting virtual currencies. However, for the enlistment of virtual currencies, an approval was required from the respective regulator.

Meanwhile, Ncube has also confirmed that the Government has already started to work towards enlistment of virtual currencies. He made this confirmation while he was attending a seminar which was recently held in Dubai, UAE. He specifically commented that the first step towards enlistment of virtual currencies had been initiated. He also apprised that for the very purpose, the Government had also developed a “sandbox” within the central bank of Zimbabwe. According to him the Bank of Zimbabwe has already done away with the testing process.

In addition, Ncube also informed that the Finance Ministry of Zimbabwe is currently working with a Dubai-based investor. The investor and the Government will be working with each other for the purposes of providing “crypto index”. However, the name of the investor hasn’t been disclosed by the Zimbabwean Finance Minister.

The Minister was of the view that once the crypto index is there then the next step would be to launch a crypto ETF. Again, it wasn’t told that on which particular cryptocurrency the proposed ETF-fund would be based upon.

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