Reserve Bank of Zimbabwe Develops a Roadmap for the Adoption of CBDC

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The governor of the Zimbabwean central bank, John Mangudya, recently said that the country’s apex bank “has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.” 

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Following the public notice about the Reserve Bank of Zimbabwe (RBZ)’s intention to explore the feasibility of launching a central bank digital currency (CBDC), the bank’s governor John Mangudya recently revealed that the central bank now has a roadmap for the envisaged digital currency. 

He said the bank’s development of the roadmap is in line with the government’s decision on the CBDC which was made in November 2021.

Nevertheless, Mangudya suggested in his second monetary policy statement of the year that the RBZ is now eager to get the views of stakeholders. He said:

“The role of stakeholders in the CBDC journey is paramount and in that regard, the Bank has developed a public consultation paper on CBDC to be released soon. The consultation paper is aimed at fostering a broad and transparent public dialogue regarding the potential benefits and risks of CBDC.”

The CBDC launching plans might be to tackle the dwindling economy of the country which have been forced into high inflation due to poor economic policies.

Read Also: Zimbabwe Set To Issue Gold Coin As The Nation’s Dollar Depreciates Uncomfortably

According to the RBZ, once the document has been released, the public will have an opportunity to comment on the consultation paper. This must be done within 90 days after the release of the consultation paper, Mangudya said.

Besides the consultation paper, the RBZ will also “carry-out consumer perception surveys on CBDC.” The findings from the two undertakings “will enable the Bank to engage in pilot programmes related to CBDC.”

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