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

According to its governor, the Reserve Bank of Zimbabwe is opposed to cryptocurrency but wants its own digital currency.

Central Bank doesn’t believe Cryptos

John Mangudya (the governor of the Reserve Bank of Zimbabwe) stated that his bank is open to creating a digital currency for central banks (CBDC). He said that the central bank does not believe cryptocurrency is possible.

Bloomberg reports that Mangudya stated these words during an interview with Trevor Ncube a Zimbabwean veteran journalist. In remarks that appeared to be a reiteration of the government’s recently stated position on digital currencies, Mangudya shared the central bank’s thinking as to how it intends to follow in the footsteps of other countries that have rolled out CBDCs.

He explained:

As a central bank, we don’t believe in cryptocurrencies. 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.’

Bitcoin.com News reported that a Zimbabwean government official said in November, “My administration is collecting views about CBDCs” and cryptocurrency. The comments of the official led speculation to suggest that Zimbabwe might be considering adopting cryptocurrencies. However, these claims were later refuted by the country’s information minister.

RBZ will send a team to Nigeria

The report suggests that the RBZ will send a team of people to Nigeria as a way to adopt cryptocurrencies. Nigeria is the first African country with a CBDC. According to the report, the team will learn from the Central Bank of Nigeria (CBN)’s experiences relating to its launch of the e-naira.

Mangudya stated that the RBZ has its own Fintech team, which he claimed is hard at work. According to the governor, the central bank’s plan is to ensure the RBZ is not left behind other central banks that are also working on their own CBDCs.

What’s your view on this story? Comment below to let us know your thoughts.

Images CreditsShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine