Zimbabwes central bank explores CBDC and affirms its resistance to cryptocurrencies - FinTech

Von Krypto News Österreich

The Zimbabwe's central bank, which has spoken out against cryptocurrencies in the past, announced yesterday that it is currently examining the feasibility of introducing its own digital central bank currency (CBDC). The bank also said that its regulatory sandbox continues to arouse interest.

CBDC roadmap

The Zimbabwischer Zentralbank, the Reserve Bank of Zimbabwe (RBZ), has confirmed in its latest edition that it prefers a digital central bank currency (CBDC) cryptocurrencies monetary policy explanation . It also adds that it is now "actively examining the feasibility of the introduction of a Zimbabwiper CBDC, including specific design considerations".

According to a statement by John Mangudya, the governor of the bank, the RBZ is already developing a timetable for its CBDC. The explanation is:

In this context, the bank develops a clear timetable for the introduction of CBDC, which includes the current implementability and evaluation phase, the policy design phase based on the results of the feasibility study and the implementation modalities.

The RBZ added that she would regularly inform about the progress of the CBDC program.

Supervisory Fintech-Sandbox

In the meantime, the RBZ also announced in the monetary policy declaration that its fintech regulation sandbox "112 registrations on the online portal and another 31 applications in different phases" received in March 2021. According to the Central Bank, the category software and system development alone makes up for 48 % of what the bank describes as registered users.

The proportion of the "Payments" category of registered users is 18 %, while the categories "Shares Banking" and "Savings and Inlays" make up 8 % or 1 %. Collection of capital, investment management, lending and others make up the remaining 25 %.

The RBZ meanwhile says that the sandbox remains open to innovations, while guidelines that potential applicants can use can be found on the institution's website.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.












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