Market

Zimbabwe’s Central Bank Chief declared: “We Don’t Believe in Cryptocurrencies”.

The Reserve Bank of Zimbabwe is still hostile to cryptocurrencies, but it is interested in building its own digital money, according to its governor.

John Mangudya, governor of the Reserve Bank of Zimbabwe (RBZ), has stated that his organization is interested in developing a central bank digital currency (CBDC). However, the central bank does not believe in cryptocurrency, he stressed.

According to Bloomberg, Mangudya made these statements during an interview with renowned Zimbabwean journalist Trevor Ncube. Mangudya presented the central bank’s views on how it expects to follow in the footsteps of other nations that have rolled out CBDCs in statements that looked to be a reiteration of the government’s previously announced position on digital currency.

He elaborated:

As a central bank, we don’t believe in cryptocurrencies. We believe in central bank digital currency which is basically trying to say ‘how do we have an e-Zimbabwe dollar as opposed to cryptocurrency.’

As previously reported, a Zimbabwean government official stated in November that his agency is gathering information about CBDCs and cryptocurrencies. The official’s comments fueled rumors that Zimbabwe is likely to accept cryptocurrency. However, the country’s information minister later rejected these reports.

Rather than adopting cryptocurrencies, the RBZ is going to deploy a team to Nigeria, the first African country to implement a CBDC, according to the article. According to the article, the team would learn from the Central Bank of Nigeria’s (CBN) experiences with the e-naira rollout.

Aside from the planned trip to Nigeria, Mangudya stated that the RBZ already has its own fintech team, which he claims is hard at work. The governor stated that the central bank’s strategy is to guarantee that the RBZ does not fall behind other central banks that are developing their own CBDCs.

Patrick

Coincu News

Victor

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

18 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.