Zimbabwean minister of finance, Mthuli Ncube, recently visited the DMCC Crypto Centre in Dubai and discussed the potential advantages of cryptocurrency-based solutions in lowering the cost of remitting funds across borders.
The Twitter post made by Ncube on Sunday was seen as a move towards the acceptance of cryptocurrencies in the country. The minister, in a Twitter post, wrote:
“I visited the DMCC CRYPTO CENTRE in Dubai, which is a fascinating incubation hub for crypto currency and payment solutions. Came across solutions that could lower charges for diaspora remittances.”
The Dubai Multi-Commodity Center (DMCC) is a special trade zone that attracts foreign companies with preferential tax treatment. Its Crypto Center focuses on supporting blockchain and cryptocurrency-based businesses.
This was not the first time Ncube made positive remarks on cryptocurrencies. According to a report by ITWeb Africa, Minister Ncube made a statement in 2018 to encourage the adoption of cryptocurrencies.
Just two weeks after his appointment at Zimbabwe’s Finance Minister, he noted in a statement:
“Zimbabwe should be investing in understanding innovations and often central banks are too slow in investing in these technologies. 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’s central bank, which has been reluctant to use cryptocurrencies since it promotes money laundering, has announced that it will exclude cryptocurrencies-based technologies from the FinTech sandbox this year as well.