In 2021, the cryptocurrency market became mainstream, attracting interest from institutional investors and billionaires, and governments. El Salvador made history by making Bitcoin legal tender in the country, which triggered a domino effect that led to Paraguay, Argentina, and Panama looking to legalize cryptocurrency use in their financial spheres.
Zimbabwe may now join the growing league, as the country’s Finance Minister recently stated that it is impossible to ignore cryptocurrencies at this point. Mthuli Ncube, the finance minister, stated that nearly 30% of the country’s youths are invested in crypto-assets and that it is impossible to avoid them. According to a Herald report, the finance minister has hinted at possible concessions on the cryptocurrency market to encourage its use. Ncube insisted on treating cryptocurrency as a type of investment asset rather than a currency. He elaborated,
“But our view is that we do not want it to be a currency. Want this to be an investment class. So through the Victoria Falls Stock Exchange platform, we will try to create crypto-based products there, which are ring-fenced within the offshore zone.”
Zimbabwe Developing Crypto Regulations?
Ncube hinted during his interaction in Dubai that the Zimbabwean government has already begun regulating cryptocurrency. He stated that the government had begun a sandbox program.
“We have taken the first step already and created a sandbox, at the Reserve Bank of Zimbabwe (RBZ), where the idea and everything are being tested in a safe regulated environment where it will then migrate to this safe Victoria Falls environment.”
With the growing interest of financially challenged nations in crypto, the digital assets marker once viewed as an internet bubble is now constructing a new world financial order.