A Zimbabwean music production company, Mutscon Music, recently announced that its clients can now pay for services using cryptocurrencies like bitcoin and ethereum. According to the company, this decision has partly been necessitated by ongoing pandemic-related movement restrictions.
Music Studio Accepts Crypto
Mutscon Music has also chosen to accept cryptocurrencies because this form of payment enables Zimbabweans, including those in the diaspora, to directly pay for services rendered to artists. In addition, this option to pay with BTC or ETH makes Mutscon’s services more affordable, a company executive has said.
To understand Mutscon Music’s decision and what this means, krakow3d.com News reached out to Tonderai Muteta, the company’s director of music. Below are Muteta’s responses to questions from krakow3d.com News.
krakow3d.com News (BCN): What gave you the idea of accepting crypto payments?
Tonderai Muteta (TM): The flexibility of transfer and the need to open more opportunities for music students, musicians and others, since we are now doing more work online. We had already been using other forms of electronic money, so including cryptocurrencies in the basket seemed like the logical thing to do.
BCN: How long have you been in the music education business?
TM: Have been teaching since 2007 and Mutscon Resources has been operating since 2017.
BCN: When did you start accepting cryptos and how has the response been?
TM: We started in June 2021, however, the response has been modest.
BCN: Are you not a little concerned with the volatility of cryptocurrencies?
TM: We use the [exchange] rate at the time of transfer. In the short term, we are good, and in the medium to long term, we have been exposed to the volatile currency in Zimbabwe so we can handle the [price] changes.
BCN: Do you have plans to add other cryptocurrencies in the future?
TM: Yes, sure, we will consider adding other cryptocurrencies if and when clients request this.
BCN: Does this mean you have stopped accepting fiat payments?
TM: Fiat payments are still being accepted.
BCN: What are the advantages of being paid in crypto?
TM: This allows for opportunities to participate in the global market.
BCN: We know that Zimbabwe does not currently have crypto on and off-ramps. So how then do you plan to liquidate or convert your crypto assets into cash?
TM: Cryptocurrencies have fair use and are now accepted by certain service providers and some wallets allow for buying tokens that can be used to pay subscriptions on international platforms.
BCN: What are your thoughts on the prospect of Zimbabwe becoming another crypto-embracing country?
TM: It is highly likely that Zimbabweans would find it easy to adopt cryptocurrencies since these operate similar to other e-wallets in Zimbabwe. Unfortunately, the Ponzi schemes are fueling paranoia and stigmatization [of cryptocurrenices]. However, the community of cryptocurrencies users is gradually growing and we believe this will provide opportunities for our clients to advance their education and careers in music.
What are your thoughts on Mutscon Music’s decision to accept cryptocurrencies? You can share your views in the comments section below.