Mthuli Ncube, Zimbabwe's finance minister, made a visit to Dubai's DMCC Crypto Centre
Mthuli Ncube the Zimbabwean finance minister visited the DMCC Crypto Centre in Dubai and tweeted about his visit he wrote that, “I visited the DMCC CRYPTO CENTRE in Dubai, which is fascinating incubation hub for cryptocurrency and payment solutions. Came across solutions that could lower charges for diaspora remittances.”
Dubai’s DMCC Crypto Centre is a development hub which gives cryptocurrency and payment solutions. Ncube gave importance on the need to learn the technology of Bitcoin and to follow countries such as Switzerland that were investing in the crypto. Ncube gave details on how cryptocurrency-based solutions decreased cost of diaspora remittances across borders and that Zimbabwe should welcome crypto investments in the country.
There were plenty of people who supported the minister’s comments for the need of crypto-based solutions stating Zimbabwe’s hyperinflation. CATO a Washington-based public policy organization believes Zimbabwe has a history of hyperinflation, the increasing inflation from 1997-2007 being 3.78 billion per cent. Victor Mapunga the CEO of FlexFintx stated out in a tweet as response to Ncube’s suggestion that the country already consists blockchain and crypto companies. A different information technology and business publication stated that Techzim has listed some blockchain start-ups which are already existing which gives offers for faster payments solutions and low-cost cross-border remittances.
Zimbabwe is introducing itself with open arms to crypto acceptance to maintain the country’s suffering financial sector. The government changed its anti-cryptocurrency stance in March 2020 from cancelling crypto to regulating it. During March 2020, the country made a deal with Apollo Fintech, a blockchain company to create and launch a gold backed digital currency for its citizens which gave them access to Apollo wallets for digital payments.