The Democratic Republic of Congo (DRC) Appoints an IMF Veteran for New Central Bank Governor

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A veteran IMF official, Marie Makangu Kabedi Mbuyi, has become the new governor of the Central Bank in the Democratic Republic of Congo.

Malangu replaces Deogratias Mutombo who has served as the Central Bank Governor for the last 8 years.

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SEE ALSOVirunga National Park in Congo, One of Africa’s Largest, is Now Accepting Donations in Crypto

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The roles of the Governor includes:

  • Carrying out reforms
  • Managing monetary policy
  • Regulating foreign transactions
  • Strengthening the financial sector

Malangu brings over 32 years of experience working with the IMF, including as an IMF representative in Cameroon and Benin.

In addition, Malangu brings a wealth of knowledge from IMF which has been at the forefront when it comes to adoption and usage of digital currencies across the world.

Like much of the continent, people in the DRC have shown an interest in cryptocurrencies with latest statistics showing an all-time high trading activity in 2021.

Crypto adoption can also be seen from organizations who have started accepting donations in crypto.

In May 2021, Virunga National Park, the largest National Park in the DRC, and one of the largest in Africa, made headlines when it announced it would be accepting donations in cryptocurrencies such as BTC and ETH. The park indicated that cryptocurrencies represent a “tax-efficient way” to make donations since such donations are classified as a “non-taxable event” by most countries.

Following a recession in 2020, the economy of the DRC has been stabilizing, and the Central Bank has cut interest rates down three times already this year.

Similar to much of the continent, the outlook on crypto remains unclear in the DRC, and it would be interesting to see if crypto regulations will come into play as part of the new Governor’s role in regulating foreign transactions into and out of the country.

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RECOMMENDED READING: Blockchain-based Traceability Firm by an African NBA Legend to Help Track Ethical Cobalt Mining Projects in The Congo

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