The latest crypto news from Zimbabwe stated that the country will soon launch its new cryptocurrency. As per Mthuli Ncube the newly appointed finance minister, he will put in all the effort to push the central bank to make a virtual currency. It could help to resolve Zimbabwe’s ongoing cash shortage that is happening from or the last two years. He feels that Zimbabwean cryptocurrency would put the country in a better position to invest. For him, it is important that if other countries can see value in new cryptocurrency and where it’s headed, then Zimbabwe must also pay attention.
There are banks imposing a cap on amounts that investors can withdraw. The simple cash shortage in Zimbabwe has been deteriorated by the fact that investors tend to hold on to their money rather than trust it with the monetary institutions. And as the cheap gets more dollarized, the cash shortages have been further worsened with the consequence being that foreign currency reserves are also declining.
Recent crypto news states that Zimbabwe should be investing in knowing the innovations and regularly central banks, which are too slow in capitalizing, in these technologies.
Venezuela’s creation of the petro is a perfect example of using cryptocurrency to solve cash shortage difficulties. The country had created the cryptocurrency to get rid of the hyperinflation. As reported in Verdict, the introduction of the petro have not made a huge difference to the economy of Venezuela’s conditions. It is anticipated that Venezuela’s inflation will hit 1,000,000 percent by end of 2018.
As per the report published in CCN, the RBZ wrote in a circular to monetary institutions where the regulatory indecision has forced few of the cryptocurrency exchanges such as Golix to discover other markets in Africa to avoid overreliance on the Zimbabwean market. The latest crypto news stated that cryptocurrencies can be used to ease tax evasion as well as an externalization of funds in violation of a country’s laws.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]