Different people use bitcoin for different purposes. For developing countries, bitcoin can have multiple purposes, one of which is remittance, these are transfers from abroad back to family in the country of origin. The Zimbabwean finance minister therefore encourages the use of bitcoin.

Throughout the world, the use, adoption and popularity of bitcoin is increasing. Among ordinary citizens, acceptance is perhaps growing the most in Africa. Mthuli Ncube, The Zimbabwean finance minister, was recently at the DMCC Crypto Center in Dubai. Here he was inspired by solutions to reduce the cost of international bookings. He said about this:

‘I visited the DMCC CRYPTO CENTER in Dubai, a fascinating incubation hub for cryptocurrencies and payment solutions. Came across solutions that could reduce the cost of diaspora remittances.’

Diaspora is the widespread distribution of a people across different parts of the world. For example, Zimbabweans live in Europe, Canada, etc. According to the World Bank, the diaspora returned 1.2 billion dollars in 2020. Of this, 90 million dollars are transaction costs.

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