• According to Zimbabwe’s Finance Minister, it is impossible to avoid cryptocurrency

  • Mthuli Ncube, Zimbabwe’s increasingly pro-crypto finance minister, recently told his colleagues in government that it is now impossible to avoid cryptocurrencies. Ncube made the statement after revealing that 30 percent of the country’s youth are now investing in cryptocurrencies.

    Zimbabwe Is Ready to Make Crypto Concessions

    According to the Herald, Ncube also indicated that his ministry is now willing to make certain concessions regarding cryptocurrencies. Ncube, however, insists that cryptocurrencies should not be treated as currencies, in contrast to his recent comments in which he simply extolled them. He elaborated:

    But, in our opinion, it should not be a currency. I’d like for this to be a type of investment. So, using the Victoria Falls Stock Exchange platform, we will try to develop crypto-based products that are restricted to the offshore zone.

    Ncube is echoing sentiments previously expressed by Zimbabwe Stock Exchange (ZSE) boss Justin Bgoni by referring to the Victoria Falls Stock Exchange (VFSE) as the ideal platform for cryptocurrency transactions.

    Bgoni suggested that the VFSE was open to listing cryptocurrencies at the time. Such listings, however, would be subject to regulatory approval, according to Bgoni.

    The Ministry of Finance is working on a cryptocurrency exchange-traded fund (ETF).

    Indeed, during his remarks at a business seminar in Dubai, Ncube appeared to imply that the process of approving cryptocurrencies is already underway.

    “We have already taken the first step and established a sandbox at the Reserve Bank of Zimbabwe (RBZ), where the idea and everything is being tested in a safe regulated environment before migrating to this safe Victoria Falls environment,” Ncube said.

    Meanwhile, Ncube is quoted in the same report as saying that the Ministry of Finance is collaborating with an unidentified investor based in Dubai to create or develop a crypto index. According to the minister, such an index would eventually lead to the establishment of a cryptocurrency exchange-traded fund (ETF).

    Ncube went on to say that Zimbabwe has enlisted the help of investors who are collaborating with his ministry to develop crypto ETFs.

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