The decision of El Salvador to adopt Bitcoin as an official currency has provoked a lot of discussion about the possible consequences. But, it appears that Zimbabwe, in spite of recent reports, is not planning to follow the example of the Central American country in the near future.
The Zimbabwean government denied the earlier report and declared that Zimbabwean dollars (ZW$) remain the sole official currency. The minister for Information, Advertising and Broadcasting Services, Monica Mutsvangwa, had also ruled out the possibility at the cabinet meeting yesterday. But she did reveal that Zimbabwe is also exploring the digitalization of its currency, which is its sovereign.
Like many other countries globally, the Zimbabwean government, using the Financial Technology Group, is investigating the central bank’s digital currency instead of cryptocurrencies, bitcoin, or any other form of derivatives.
Especially taking into consideration that regulators all over the world are exploring the same course in response to the expanding cryptocurrency sector. While several nations are establishing their explores CBDCs, Africa is a stone’s throw behind. The Bank of Ghana just recently revealed an “e-cedi” pilot. In addition, Nigeria’s e-Naira likewise debuted in the last week of October. It is no surprise that Zimbabwe is additionally a lot more thinking about CBDCs.
The most recent clarification adheres to reports that the government is considering using bitcoin (BTC) as a reputable payment option.
The report likewise priced quote Charles Wekwete, an assistant in the head of the state’s workplace. Wekwete stated the national government is considering embracing bitcoin with the help of an economic sector organization.