Mthuli Ncube, Zimbabwe’s finance minister, tweeted about his favourable experience at the DMCC Crypto Centre in Dubai: “I visited the DMCC CRYPTO CENTRE in Dubai, which is a fascinating incubation centre for cryptocurrency and payment solutions.” I came discovered some alternatives that could help reduce the cost of diaspora remittances.”
The DMCC Crypto Centre in Dubai is a cryptocurrency and payment solutions incubator hub.
According to Bitcoin.com, Ncube also underlined the need of understanding Bitcoin’s technology and following countries like Switzerland that are investing in the cryptocurrency last year.
Ncube, who was inspired by the DMCC Crypto Centre’s innovations, emphasised how cryptocurrency-based solutions reduced the cost of diaspora remittances across borders and that Zimbabwe should welcome crypto investments.
Many people agreed with the minister’s remarks about the need for crypto-based solutions, using Zimbabwe’s hyperinflation as an example. Zimbabwe has a history of hyperinflation. According to CATO, a Washington-based public policy organisation, with cumulative inflation of 3.78 billion per cent from 1997 to 2007.
In response to Ncube’s request that crypto-based solutions be brought to the country, Victor Mapunga, the CEO of Flexfintx, pointed out in a tweet that the country already has blockchain and crypto firms.
Techzim, a business and information technology newspaper, also mentioned some of the pre-existing blockchain start-ups that offer speedier payment solutions and low-cost cross-border remittances.
Zimbabwe is allowing cryptocurrency acceptance in order to improve the country’s ailing banking industry. In March 2020, the government shifted its anti-cryptocurrency position from an outright ban to regulation.
The country signed a contract with Apollo Fintech, a blockchain business, in March 2020. The contract entailed information to develop and deploy a gold-backed digital currency for its inhabitants. It allows them to use Apollo wallets to make digital payments.
Ncube served as African Development Bank’s Chief Economist and Vice President (AfDB). He headed the Economics Complex as Chief Economist. Ncube was responsible for the Bank’s knowledge management process and general strategic economic research. He oversaw the Development Research Department, the Statistics Department, and the African Development Institute in this capacity.
Professor Ncube served on the Bank’s senior management team as Vice President. His contributions to the bank were in an overall strategic direction.