{"id":12938,"date":"2021-10-07T10:54:03","date_gmt":"2021-10-07T10:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/local-experts-say-zimbabwe-not-softening-its-stance-on-cryptocurrency-just-yet\/"},"modified":"2021-10-07T10:54:03","modified_gmt":"2021-10-07T10:54:03","slug":"local-experts-say-zimbabwe-not-softening-its-stance-on-cryptocurrency-just-yet","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/local-experts-say-zimbabwe-not-softening-its-stance-on-cryptocurrency-just-yet\/","title":{"rendered":"Local Experts Say Zimbabwe Not Softening Its Stance on Cryptocurrency Just Yet"},"content":{"rendered":"

Zimbabwean crypto and economic experts have suggested Finance Minister Mthuli Ncube\u2019s positive comments about cryptocurrencies do not necessarily mean monetary authorities are about to remove restrictions that were imposed in 2018.<\/strong><\/p>\n

The Case for Blockchain<\/h2>\n

Instead, the experts claim the remarks show that the government is only interested in aspects of blockchain technology that are beneficial to it. They insist, however, that because the Zimbabwean government \u2014 just like its peers in Africa \u2014 will not countenance ceding monetary control to anyone, it will not lift restrictions on cryptocurrency trading.<\/p>\n

The experts\u2019 comments, which were published by Aljazeera, follow Ncube\u2019s tweet in September which extolled cryptocurrencies. As previously reported<\/a> by Bitcoin.com News, Ncube suggested in the tweet that cryptocurrencies could \u201clower charges for diaspora remittances.\u201d<\/p>\n

The minister\u2019s pro-crypto remarks are reiterated by Clive Mphambela, chief director of communications for the Ministry of Finance, who said: \u201cWith disruptive blockchain technology, the cost can come down significantly.\u201d<\/p>\n

Misplaced Optimism<\/h2>\n

However, in the Aljazeera report<\/a>, William Chui, a cryptocurrency trader and promoter, is quoted suggesting that the renewed hopes that authorities are about to change their crypto policy are misplaced. He explained:<\/p>\n

Unfortunately, the government has to this day not recognised cryptocurrencies as an asset class. I think his tweet was more personal and didn\u2019t represent the government\u2019s view in any way.<\/p>\n

The report also quotes another crypto trader, Batanai Moyo, who insists the Zimbabwean government would be unwilling to \u201cgive up a portion of their power in terms of control of the monetary system.\u201d<\/p>\n

Crypto Scams Slowing Adoption<\/h2>\n

On the other hand, Victor Bhoroma, an independent economist, said because the country was \u201cfar too behind compared to Dubai\u201d he did not see the Zimbabwean government softening its hardline stance on cryptos anytime soon. Also complicating matters according to Bhoroma, are reports of people losing millions to crypto pyramid schemes. Such incidents will ultimately slow down the adoption of cryptocurrencies.<\/p>\n<\/p>\n

Despite expressing reservations, Chui nonetheless suggested Zimbabwean authorities should consider making changes slowly, as doing so will protect crypto traders from scammers. He explained:<\/p>\n

\u201cI think more can be done to protect people trading in cryptocurrencies. If regulated exchanges are approved and licenced, it would help bring transparency and certainty to the market.\u201d<\/p>\n

Do you agree that Zimbabwean authorities will not change their stance on cryptocurrencies anytime soon? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nEmerging Markets, Asset Class, Blockchain, crypto scam, Cryptocurrency, Mthuli Ncube, remittances, William Chui<\/p>\n","protected":false},"excerpt":{"rendered":"

Zimbabwean crypto and economic experts have suggested Finance Minister Mthuli Ncube\u2019s positive comments about cryptocurrencies do not necessarily mean monetary authorities are about to remove restrictions that were imposed in 2018. The Case for Blockchain Instead, the experts claim the remarks show that the government is only interested in aspects of blockchain technology that are…<\/p>\n","protected":false},"author":0,"featured_media":12939,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12938"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12938"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12939"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}