Finance Minister of Zimbabwe offered to invest in BTC at the state level – Bits Media

Zimbabwe's Finance Minister proposes to create a government unit for technological and financial innovation to coordinate government policy on cryptoassets.

The Zimbabwean government is developing another package of measures to exit economic crisis. Fall in exports, hyperinflation and financing government spending through excessive issuance of treasury bills led the country to a severe liquidity crisis.

Authorities fear a repeat of hyperinflation in 500 000 000 000%. In a situation of economic despair, the Zimbabwean government is ready to consider the most unconventional options, eg, completely abandon cash circulation and switch to electronic payments.

Also in 2016 year, one of the innovative approaches to saving the Zimbabwean economy was proposed by independent South African economist Russell Lamberty (Russell Lamberti). According to Lamberti, the introduction of Bitcoin into circulation will help reduce the economy’s dependence on cash capital, and will also help Zimbabwe find new export markets.

Later 5 years, Lamberti's proposal found a response in the person of the new Minister of Finance of Zimbabwe, Mthuli Ncube (Mthuli Ncube). According to news publication ItWebAfrica, Ncube expressed his opinion, that the solution to the country’s financial problems could be the use of cryptocurrency, including, introducing it into everyday economic circulation.

In his opinion, The government of Zimbabwe should be more assertive in leading the adoption of cryptocurrency innovations, since there is no activity from the Reserve Bank of Zimbabwe. Zimbabwe should study examples from other countries, to ease economic difficulties, which the country is facing, and, “if these countries see value in cryptocurrency assets, we should also pay close attention to them.”.

Ncube believes, that it is necessary to create a state unit of technological and financial innovation to study possible options for using BTC in the economic life of the country. Next ask the Reserve Bank of Zimbabwe, based on the experience of Switzerland, Allow Zimbabwean banks to invest in Bitcoin.

It is not yet clear, will Ncube's proposals receive support from the government and the Reserve Bank of Zimbabwe. But, if it turns out, that the country is ready to follow the example of El Salvador, then Zimbabwe will become the first country on the African continent, openly accepting investments in cryptocurrency.