Devastated by decades of disastrous economic policies, Zimbabwe is beginning to see hopes for a better future in cryptocurrencies.
Last Friday (10/15), Mthuli Ncube (Zimbabwe Minister of Finance and Economy) made impressive statements about cryptocurrencies. According to the local newspaper Herald, Ncube would have declared that they are "unstoppable".
30% of the country's youth would be bought in cryptocurrencies
“I'm really surprised, I believe that easily, 30 percent of our youth, Vice President, is bought in cryptocurrencies, easily. It's unstoppable, but the idea is to regulate them correctly; to create a safe environment for all” – declared the Minister
Despite its optimistic tone, the Zimbabwean government has not always been sympathetic to the cryptoactive market. In 2016, the country's Central Bank asked financial institutions to stop processing transactions involving cryptocurrencies.
As we can see from the data presented by Ncube, the government action against bitcoin proved to be ineffective once again. Now, the idea is to use technology to optimize the country's services.
The country receives more than $1 billion annually in international remittances, bitcoin could lower transaction costs charged by and save millions of dollars in fees.
The Zimbabwe Tragedy
Zimbabwe is trying to get back on economic tracks after years of disastrous government policies that have ranged from uncontrolled monetary printing, expropriations and even persecution of minorities.
Add that to a dictatorship that has been in power for over 30 years, and as a result we have seen inflation of 230,000,000%, the emergence of “hard money” sellers on the streets and even the creation of the 100 trillion dollar bill. Zimbabwean dollars.
The Zimbabwe dollar became extinct in 2009, however, economic problems remain in the country. Perhaps bitcoin is a way to guarantee property rights, reduce transaction fees and improve the population's quality of life.
The content “It is impossible to escape from cryptocurrencies”, recognizes the country's Finance Minister with a 100 trillion note first appeared in Cointimes .