“We don’t believe in cryptocurrencies”-Emerging Markets Bitcoin News

“We don’t believe in cryptocurrencies”-Emerging Markets Bitcoin News


The Governor of the Reserve Bank of Zimbabwe stated that the Reserve Bank of Zimbabwe is still opposed to cryptocurrency but is interested in developing its own digital currency.

Central banks don’t believe in cryptocurrencies

The Governor of the Reserve Bank of Zimbabwe (RBZ), John Mangudya, stated that his institution is interested in creating a central bank digital currency (CBDC). However, he added that the central bank does not believe in cryptocurrencies.

According to Bloomberg report, Mangudya made these remarks in an interview with Trevor Ncube, a senior Zimbabwe journalist. In remarks that seemed to reiterate the government’s recent position on digital currencies, Mangudya shared the central bank’s thoughts on how it intends to follow in the footsteps of other countries that have launched CBDCs.

He explained:

As a central bank, we do not believe in cryptocurrencies. We believe in the digital currency of the central bank, and it basically wants to say “how do we have an electronic Zimbabwe dollar instead of a cryptocurrency.”

As previously reported by Bitcoin.com News, Zimbabwean government officials confirmed in November that his government is collecting opinions on CBDC and cryptocurrencies. The official’s remarks sparked speculation that Zimbabwe plans to adopt cryptocurrency.However, these claims were later refute By the Minister of Information of the country.

RBZ dispatched team to Nigeria

The report recommended that RBZ plan to send a team to Nigeria instead of using cryptocurrency, which is the first African country to launch a CBDC. According to the report, the team will learn from the experience of the Central Bank of Nigeria (CBN) in launching e-naira.

In addition to planning to visit Nigeria, Mangudya said that RBZ already has its own fintech team, which he said is working hard. According to the governor, the central bank’s plan is to ensure that RBZ does not lag behind other central banks that are also developing their own CBDC.

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