Despite the country’s waning interest in cryptocurrency, Zimbabwe does not appear to be ready to abandon its cryptocurrency aspirations, according to sources.
Not only is Zimbabwe not giving up, but it is also taking notes from Nigeria when it comes to the introduction of a cryptocurrency scheme for its own central bank digital currency.
The eNaira’s Slow Uptake Not Affecting Zimbabwe’s Plans
Innocent Matshe, Deputy Governor of the Reserve Bank of the country in Southern Africa, disclosed that although eNaira, Africa’s first CBDC, saw a relatively moderate uptake with its launch, Zimbabwe’s decision-making was unaffected. In spite of the fact that the verdict is “still out” on the plans, the nation is actually getting ready to launch a digital currency, Matshe continued. Matshe highlighted the market’s genuine skepticism regarding cryptocurrency in an interview at a conference held close to Port Louis, Mauritius.
Matshe further added:
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.
Bloomberg
Matshe revealed that the government sent teams to various central banks worldwide, including Ghana and China, to study their digital currencies in order to make plans for CBDC. Matshe further mentioned that the virtual currency will have unique features.
Zim CBDC Won’t Be Pegged On Any Specific Currency
The Deputy Governor clarified that because alternative options are still being considered, the government is not considering tying the CBDC to any specific currency.
Given that the local currency’s value relative to US dollars has fallen by more than 80% in 2022, Zimbabwe is currently experiencing monetary problems. The US dollar is also accepted as a form of payment there.
As for the eNaira, less than 0.5% of Nigerians use it. The slow adoption has prompted the central bank to consider fresh strategies for piqueing the public’s interest in digital currency. Due of this, the government is providing discounts to three-wheeler cab drivers and customers in an effort to promote the usage of eNaira.
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