“Understanding Bitcoin is Important,” Zimbabwe Minister of Finance Says – Cryptocurrency News Today
Zimbabwe’s new finance minister has said the country should use Bitcoin at the state level, like Switzerland, according to local media company IT Web Africa on Monday (September 17th).
Mthuli Ncube, stressing the Swiss central bank’s “investment and understanding” in Bitcoin, said he would call on the Reserve Bank of Zimbabwe to follow in his footsteps.
“Zimbabwe should invest in understanding innovations, and most of the time central banks are too slow to invest in these technologies,” he says.
“But there are other countries that are going faster. If you look at the Swiss central bank, they invest and understand Bitcoin. “
Zimbabwe continues to face cash flow problems after political turmoil due to years of economic turmoil.
RBZ, meanwhile, took a growing risk on the cryptocurrency. In May of this year, banned all domestic banking institutions from serving cryptocurrency business similar to India and Iran.
Ncube continued to suggest that turning a blind eye to Bitcoin now is closing the door to the benefits that would come later.
“… If these countries can see value in it and in which direction, we should also pay attention”,
“… The idea shouldn’t be to stop it and say don’t do it, but rather regulators should invest to catch up and find ways to figure it out, then you fix it because you figure it out now.” “
In July, RBZ revealed that it was examining ways to implement blockchain technology into its internal processes.
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