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It’s Impossible To Run Away From Cryptocurrency, Says Zimbabwean Finance Minister – Emerging Markets Bitcoin News

Zimbabwe’s increasingly pro-crypto finance minister, Mthuli Ncube, recently told his colleagues in the government that it is now impossible to run away from cryptocurrencies. Ncube said this after revealing that around 30% of youth in the country are now investing in cryptocurrencies.

Zimbabwe ready to offer concessions on crypto

According to a Herald report, Ncube also indicated that his ministry is now ready to make some concessions on cryptocurrencies. However, contrary to his recent comments in which he only praised cryptocurrencies, Ncube insisted that these should not be treated as currencies. he explained:

But we are of the view that we do not want this to become a currency. Want to make it an investment class. So through the Victoria Falls Stock Exchange platform, we will try to build there crypto-based products, which are ring-fenced within the offshore sector.

By referring to the Victoria Falls Stock Exchange (VFSE) as the ideal platform for cryptocurrency transactions, NCube is reflecting sentiments that were previously expressed by Zimbabwe Stock Exchange (ZSE) boss Justin Bogoni.

As reported by Bitcoin.com News, Bogoni suggested at the time that the VFSE was open to listing cryptocurrencies. However, such listing would be subject to regulatory approval, Bogoni said.

Ministry working on crypto ETFs

Indeed, while speaking at a business seminar in Dubai, in its remarks, NCube suggested that this process of approving cryptocurrencies is already in the works.

“We have already taken the first step and created a sandbox in the Reserve Bank of Zimbabwe (RBZ) where the idea and everything is being tested in a secure regulated environment, where it will be transferred to this secure Victoria Falls environment ,” said Ncube.

At the same time, the same report quoted Ncube as saying that the Ministry of Finance is working with an unknown investor in Dubai to create or develop a crypto index. According to the minister, such an index would eventually lead to the creation of a crypto exchange-traded fund (ETF).

Ncube said Zimbabwe has engaged investors working with its ministry to create crypto ETFs.

Do you agree with Ncube’s comment about cryptocurrencies being invincible? Tell us what you think in the comment section below.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any materials, goods or services mentioned in this article.

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