A Zimbabwean music production company, Mutscon Music, recently announced that its customers can now pay for services using cryptocurrencies like bitcoin and ethereum. According to the company, this decision was in part necessitated by movement restrictions linked to the ongoing pandemic.
Music Studio accepts crypto
Mutscon Music has also chosen to accept cryptocurrencies because this method of payment allows Zimbabweans, including those in the diaspora, to pay directly for services rendered to artists. Additionally, this option of paying with BTC or ETH makes Mutscon’s services more affordable, a company executive said.
To understand Mutscon Music’s decision and what it means, Bitcoin.com News reached out to Tonderai Muteta, the company’s chief music officer. Below are Muteta’s answers to questions from Bitcoin.com News.
Bitcoin.com News (BCN): What gave you the idea to accept crypto payments?
Tonderai Muteta (TM): The flexibility of the transfer and the need to open more opportunities for music students, musicians and others, since we are now doing more work online. We were already using other forms of e-money, so including cryptocurrencies in the basket seemed like the logical thing to do.
BCN: How long have you been working in music education?
MT: Teaching since 2007 and Mutscon Resources has been operating since 2017.
BCN: When did you start accepting crypto and how was the response?
MT: We started in June 2021, however, the response has been modest.
BCN: Are you not a little concerned about the volatility of cryptocurrencies?
MT: We use the [exchange] rate at time of transfer. In the short term we are good, and in the medium to long term we have been exposed to the volatility of the Zimbabwean currency in order to be able to manage the [price] changes.
BCN: Do you plan to add other cryptocurrencies in the future?
MT: Yes of course we will consider adding other cryptocurrencies if and when customers request it.
BCN: Does that mean that you have stopped accepting fiduciary payments?
MT: Fiat payments are always accepted.
BCN: What are the advantages of being paid in crypto?
MT: This allows opportunities to participate in the global market.
BCN: We know that Zimbabwe currently does not have crypto entry and exit ramps. So how do you plan to liquidate or convert your crypto assets into cash?
MT: Cryptocurrencies have fair use and are now accepted by some service providers and some wallets allow the purchase of tokens that can be used to pay for subscriptions on international platforms.
BCN: What do you think of the prospect of Zimbabwe becoming another crypto-embracing country?
MT: It is highly likely that Zimbabweans would find it easy to adopt cryptocurrencies, as these work the same as other e-wallets in Zimbabwe. Unfortunately, Ponzi schemes fuel paranoia and stigma [of cryptocurrenices]. However, the community of cryptocurrency users is gradually growing and we believe this will provide our clients with opportunities to advance their education and career in music.
What do you think of Mutscon Music’s decision to accept cryptocurrencies? You can share your views in the comments section below.
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