Key Takeaways
- According to the Expert, the minister's reply does not suggest the possibility of adoption.
- The government is only concerned with the aspects of technology that are advantageous to them.
- One of the reasons impeding cryptocurrency adoption is cryptocurrency fraud.
- Adoption and regulation of cryptocurrencies could help to reduce crypto fraud.
According to the crypto expert, the minister's complimentary remark is simply an indicator that the government of the country is only interested in the part of Blockchain technology that may be of benefit to it.
He went on to say that the Zimbabwean government's reluctance to hand over financial authority would prevent it from lifting the ban on cryptocurrency trade that it imposed in 2018.
The expert's opinion, published by Aljazeera, comes after the country's Minister of Finance, Mthuli Ncube, commended bitcoin in a tweet last month; Ncube stated that cryptocurrency might help reduce remittance fees for the diaspora.
The minister's stance in favour of the currency was also echoed by the ministry's Chief Director of Communications, who said that the remittance price will be greatly reduced using disruptive blockchain technology.
Hope that was misplaced
According to Aljazeera, a cryptocurrency dealer and advocate argued that the revived confidence that the government is planning to lift the ban on cryptocurrencies is incorrect.
He noted that the country's government did not view cryptocurrency as an asset; he also stated that the minister's tweet was more personal to the minister and did not reflect the government's attitude on the virtual coin.
The story also mentioned another cryptocurrency merchant, Batani Moyo, who claims that the Zimbabwean government will never do anything that requires them to share their monetary control power with anyone.
Cryptocurrency fraud is a barrier to adoption
Meanwhile, an economist named Victor Bhoroma stated that Zimbabwe is far behind Dubai, and that he sees no indication that the authorities will modify their stance on the virtual coin very soon.
He went on to say that one of the major factors influencing the coin is the constant reports of people losing money due to cryptocurrency-related scams. Such reports will very certainly stymie the virtual coin's adoption.
Chui also encouraged the country's government to eliminate the limitation in order to rescue people from fraud; he explained that regulating exchanges and granting licenses to approved ones will assist improve transparency and assurance.
Do you believe Zimbabwe's government will lift the prohibition on cryptocurrency anytime soon? Please share your thoughts in the comments area.
