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The government of Zimbabwe is willing to treat bitcoin same way Switzerland does

Sep 18, 2018

Recently Mthuli Ncube, the new minister of Finance in the Republic of Zimbabwe has stated that it is in the country’s interest to enforce Bitcoin at a national level,similar to the way Switzerland does.

Referring to the Swiss central bank’s “investment and understanding” in Bitcoin, the financial minister said he will communicate with the Reserve Bank of Zimbabwe (RBZ) to follow the above-mentioned strategy.

“Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies,” said Mr. Ncube, “But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in and understanding Bitcoin.”

At the same time the RBZ has taken an increasingly cautious position regarding the cryptocurrency, in May of 2018 it prohibited all internal banking institutions from servicing cryptocurrency businesses in a way similar to India and Iran.

Zimbabwe is still facing cash difficulties following political commotion for many years of economic chaos. Mr. Ncube stated that the advantages that bitcoin and other related technologies such as blockchain can grant have been underestimated. In view of this the minister urged other countries to pay attention to modern technologies in crypto industry.

“...If these countries can see value in this and where it's headed, we should also pay attention,” he said.

However, some financial organizations stay skeptical as to the actual advantages of cryptocurrency related technologies. For instance, earlier this year the Netherlands central bank published results of a number of researches, concluding that blockchain still needs to be sufficiently studied in before launching government blockchain based projects.

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