We Don’t Believe in Cryptocurrencies, Says Reserve Bank of Zimbabwe

According to John Mandugya, Governor, Central Bank of Zimbabwe: "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."

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The Reserve Bank of Zimbabwe (RBZ) is working on a CBDC in place of cryptocurencies. This can be attributed to the governor who was speaking to a popular media personality.

According to John Mandugya, Governor, Reserve Bank of Zimbabwe, which is the Central Bank of Zimbabwe:

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.”

– Governor, Central Bank of Zimbabwe

In that respect, the southern African nation plans to send a team to Nigeria to learn from their experiences in launching the first digital currency in Africa in October 2021.

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SEE ALSO: We’re Gathering Views to Eventually Formulate Policies on Cryptocurrencies, Says Zimbabwe Government

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According to the Governor, Zimbabwe has been plagued by currency depreciation.

At the same time, the government is looking to pay annual bonuses to civil servants in U.S. dollars instead of the local currency as using the Zimbabwean dollar could have added to its recent depreciation.

The official rate for the Zimbabwean currency was last at Z$105, having weakened by 29% in 2021. It trades at Z$185 per U.S. dollar on the parallel market.

The government made $120 million in bonus payments to state workers, state-owned Herald newspaper reported, citing Finance Minister, Mthuli Ncube.

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RECOMMENDED READING: [WATCH] The Nigerian eNaira Central Bank Digital Currency – The First CBDC in Africa – Goes Live

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