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Zimbabwe plans to introduce own cryptocurrency, conducts survey

The Reserve Bank of Zimbabwe (RBZ) has initiated a survey in its exploration for the possibility of introducing a Central Bank Digital Currency (CBDC) “in line with global trends”.

The central bank announced the development through a statement, inviting the public to participate in the survey.

“The Reserve Bank of Zimbabwe (the Bank) is exploring the possibility of introducing a Central Bank Digital Currency (CBDC) in line with global trends,” read the statement.

“Accordingly, the Bank is conducting a CBDC Consumer Survey to solicit opinions on the design and nature of the CBDC and its overall acceptance by the public. You are therefore invited to participate in the survey.

“Please note that the information you are going to provide will be treated with the utmost confidentiality and the results will only be used for purposes of research on the design, nature and acceptability of CBDC in Zimbabwe.”

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RBZ deputy governor Innocent Matshe recently said Zimbabwe was drawing lessons from Nigeria as it pursues plans for its own central bank digital currency.

Despite the slow uptake of the eNaira, Africa’s first CBDC, Matshe said Zimbabwe was likely not to be swayed in its decision-making. Instead, he said the Southern African country was going to learn the obstacles faced by eNaira and create a launchpad for its own CBDC.

“Certainly it’s a point to consider that there is hesitancy in the market,” Matshe said during an interview at a conference near Port Louis, Mauritius.

“We don’t think that it is a deterrent at this point, we just think that it is a learning point for us. We can then adopt measures to try and mitigate the factors that are causing that hesitancy in the Nigerian market.”

According to publication Coinbase, “cryptocurrency is typically decentralized digital money designed to be used over the internet.”

Bitcoin, which launched in 2008, was the first cryptocurrency, and it remains by far the biggest, most influential, and best-known.

In the decade since, Bitcoin and other cryptocurrencies like Ethereum have grown as digital alternatives to money issued by governments.