According to the Central Bank of Zimbabwe Governor John Mangudya, the country’s central bank is examining the usage of a digital currency rather than enabling cryptocurrencies to be used as legal money.
“We don’t believe in cryptocurrencies as a central bank,” Mangudya stated. “We believe in central bank digital currency, which is essentially trying to figure out how to have an e-Zimbabwe dollar rather than cryptocurrencies.”
“We have a fintech group that is working quite hard,” Mangudya added. “The CBDC is being worked on by the majority of central banks around the world, and we are almost there.”
Mangudya also stated that the government had decided to pay civil officials annual bonuses in US dollars rather than the local currency since utilizing the Zimbabwean dollar would have exacerbated the currency’s recent decline.
Zimbabwe intends to send a team to Nigeria to learn from their experiences with the launch of Africa’s first digital currency in October.
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Tanzania central bank has stated that it is working on the president’s cryptocurrency action plan