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Local experts say Zimbabwe is not softening its stance on cryptocurrency – emerging market Bitcoin News


Zimbabwean crypto and economic experts have suggested that Finance Minister Mathuli Enquib’s positive comments about cryptocurrency do not mean that the financial authorities will lift the restrictions imposed in 2018.

In the case of blockchain

Instead, experts claim that the comments show that the government is only interested in aspects of blockchain technology that are beneficial to it. But they insist that because the Zimbabwean government – like its African counterparts – will not face financial control from anyone, it will not lift the ban on cryptocurrency trading.

The expert comments, which were published by Al Jazeera, followed Enquiber’s tweet in September that praised the cryptocurrency. As previously reported by Bitcoin.com News, Enquive tweeted that cryptocurrency “could lower charges for sending expatriates.”

The minister’s cryptocurrency remarks were echoed by Clive Mfambella, the finance ministry’s chief communications director, who said: “With disrupted blockchain technology, costs can be significantly reduced.”

Wrong optimism

However, the Al Jazeera report quoted William Chui, a cryptocurrency trader and promoter, as saying that new hopes that the authorities were going to change their crypto policy had been dashed. He explained:

Unfortunately, the government has not yet recognized cryptocurrency as a resource class. I think his tweet was more personal and in no way represented the government’s point of view.

The report also quoted another crypto trader, Batanai Moyo, who insisted that the Zimbabwean government would not agree to give up part of its power to control the economy.

Crypto scam slow acceptance

On the other hand, Victor Voroma, an independent economist, said that because the country was “far behind Dubai”, he did not see the Zimbabwean government softening its tough stance on crypto soon. Also complicated issues according to Voroma, the news of losing millions of people for crypto pyramid scheme. Such events will ultimately slow down the adoption of cryptocurrency.

Despite the release of the reservation, Chui still advised the Zimbabwean authorities to consider a gradual change, as it would protect crypto traders from scammers. He explained:

“I think a lot more can be done to protect people who trade in cryptocurrencies. If controlled exchange is approved and licensed, it will help bring transparency and certainty to the market.

Do you agree that the Zimbabwean authorities will not change their position on cryptocurrency anytime soon? Let us know what you think in the comments section below.

Image credit: Shutterstock, Pixabay, WikiCommons

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