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Cryptocurrencies Are Here to Stay Says Zimbabwe Finance Minister

Mthuli Nacube, Zimbabwe’s pro-crypto finance Minister, told his government colleagues that it was impossible to escape cryptocurrencies. Ncube made this statement after revealing that around 30% of Zimbabwe’s youth have now invested in cryptocurrency.

Zimbabwe Will Make Concessions on Cryptos

According to the Herald, Ncube suggested that his ministry might now be open to making concessions regarding cryptocurrencies. Ncube, however, insists that cryptocurrencies should not be considered currencies, contrary to his comments. He explained:

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.

Ncube refers to the Victoria Falls Stock Exchange as the best platform for cryptocurrency transactions. This is the sentiment that Justin Bgoni, Zimbabwe Stock Exchange boss, had previously voiced.

Bgoni stated that the VFSE was open for cryptocurrency listing. Bgoni stated that such listing would require regulatory approval.

Finance Ministry Preparing Crypto ETF

Ncube, speaking at a Dubai business seminar, suggested that the process of appraising cryptocurrencies was already underway.

Ncube stated that they have already taken the first step and set up a sandbox at the Reserve Bank of Zimbabwe (RBZ) where the idea and all are being tested in a controlled environment. The idea will then migrate to the safe environment of Victoria Falls.

Ncube, meanwhile, reports that the Ministry of Finance has been working with an unidentified Dubai-based investor to develop or create a crypto index. The minister stated that such an index could eventually lead to the creation a crypto exchange-traded funds (ETF).

Ncube stated that Zimbabwe has invited investors who are working with his ministry in creating crypto ETFs.