‘Understanding Bitcoin is Important ‘ said Zimbabwe Finance Minister – Cryptocurrency News Today

Zimbabwe’s new finance minister said the country should use Bitcoin at the state level, similar to Switzerland, according to the country’s local media company IT Web Africa, on Monday (September 17th).

Mthuli Ncube, pointing to the Swiss central bank’s “investment and understanding” in Bitcoin, said he would call the Zimbabwean Reserve Bank to follow in its footsteps.

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“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 which are moving faster. If you look at the Swiss central bank they are investing in and understanding Bitcoin.”

Zimbabwe continues to face cash troubles after political turmoil due to years of economic turmoil.

RBZ, meanwhile, took an increasing risk over the crypto-currency. In May of this year, banned all domestic banking institutions from serving the cryptocurrency affairs similar to India and Iran.

Ncube continued to imply that to turn a blind eye to Bitcoin now was to close the door to benefits which would present themselves later.

“…If these countries can see value in this and where it’s headed, we should also pay attention,”

he said.

“…The idea shouldn’t be to stop it and say don’t do this, but rather the regulators should invest in catching up with them and find ways to understand it, then you regulate it because you now understand it.”

In July, RBZ revealed that it is examining the ways to implement blockchain technology in its internal processes.

 

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