‘We Don’t Believe in Cryptocurrencies’ – Emerging Markets Bitcoin News


The Reserve Bank of Zimbabwe remains opposed to cryptocurrencies but is interested in developing its own digital currency, its governor said.

Central Bank Does Not Believe in Cryptos

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

According to Bloomberg reportMangudya made the remarks during an interview with Trevor Ncube, a veteran Zimbabwean journalist. In remarks that appeared to be a repetition of the government’s recently declared position on digital currencies, Mangudya shared the central bank’s thinking 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 a central bank digital currency that is basically trying to say ‘how do we have an e-Zimbabwean dollar as opposed to a cryptocurrency.’

As previously reported by Bitcoin.com News, a Zimbabwean government official confirmed in November that his administration was collecting opinions on CBDC and cryptocurrencies. The official’s remarks led to speculation that Zimbabwe was planning to adopt cryptocurrencies. However, these claims were later refute of the information minister of the country.

RBZ Send Team to Nigeria

Rather than adopt cryptocurrencies, the report suggested that the RBZ plans to send a team to Nigeria, the first African country to launch a CBDC. According to the report, the team will learn from the experiences of the Central Bank of Nigeria (CBN) in relation to its launch of the e-naira.

In addition to the planned visit to Nigeria, Mangudya said the RBZ already has its own fintech team, which he says is working very hard. According to the governor, the central bank’s plan is to ensure that the RBZ is not left behind by other central banks that are also working on their own CBDCs.

What is your opinion on this story? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or support of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.



Please enter your comment!
Please enter your name here