In Zimbabwe, the CBDC study has begun

The Chairman of the Central Bank said that a special fintech group was created to work on the initiative

07.12.2021 - 11:50

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What’s new? The Central Bank of Zimbabwe has started exploring the scope of a central bank digital currency (CBDC). This information was shared by the regulator's chairman John Mangudya.

Interview with Mangudya on YouTube

What does the chairman say? Mangudya added that the special fintech group was created to work on the initiative. He said that the Zimbabwean government intends to send a separate team to Nigeria to study the country’s experience, which has already launched CBDC. The state became the first in Africa to announce the release of a digital currency at the end of October 2021:

“As a central bank, we don’t believe in cryptocurrencies. We believe in central bank digital currency,” the chairman noted.

What had happened before? In mid-November, Zimbabwe's Information Minister Monica Mutsvangwa explained that the state government is interested in experimenting with the central bank’s digital currency. The authorities in many African countries are now considering CBDC as a tool to accelerate the implementation of their financial inclusion initiatives. Ghana, Tanzania, and Nigeria have recently joined the list.

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