How is Zimbabwe Adapting to Cryptocurrency?

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Date
October 13, 2021
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After years of hyperinflation (1997-2007 being 3.78 billion percent) and the currency’s collapse in 2008, it’s easy to see why there is an increasing feeling of distrust of the centralized currency system in Zimbabwe. That sentiment has opened the population to the crypto world. And after a trip to Dubai, finance minister Mthuli Ncube, might just answer the public’s wishes.

In 2017, crypto in  Zimbabwe suffered from hard sanctions when the Central Bank ordered all banks to stop processing transactions involving cryptocurrencies, which drove investors and enthusiasts to operate under the radar. But that might be ending soon.

After a visit to the United Arab Emirates in September, minister Ncube had a glimpse of the potential use of crypto and blockchain to help Zimbabwe’s economy. “I visited the DMCC CRYPTO CENTRE in Dubai, which is a fascinating incubation hub for cryptocurrency and payment solutions. Came across solutions that could lower charges for diaspora remittances.” he tweeted. That had enthusiasts, newbies and the Zimbabwean diaspora sitting on the edge of their seats. Considering the impact remittances have on the economy and the fact that diasporans pay up to 90 million dollars annually in fees, it’s clear that having access to crypto-centered options would push the economy to a whole new level.

Although still cautious, the Zimbabwean digital currency community received this news with open arms, as these changes would decrease the fees they pay and be the opening they needed to incentivize mass adoption of crypto. Overall, we see a country opening up cryptocurrency acceptance and wait eagerly to see another clog added to the Economic Revolution machine. 

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