Zimbabwe Central Bank Chief: ‘We Don’t Believe in Cryptocurrencies’

Zimbabwe Central Bank Chief: ‘We Don’t Believe in Cryptocurrencies’

The Reserve Bank of Zimbabwe remains opposed to cryptocurrencies but is interested in developing its own digital currency, its governor has said. Central Bank Does Not Believe in Cryptos The governor of the Reserve Bank of Zimbabwe (RBZ), John Mangudya, has said his institution is interested in creating a central bank digital currency (CBDC). The central bank, however, does not believe in cryptocurrencies, he added. According to a Bloomberg report, Mangudya made these remarks during an interview with Trevor Ncube, a veteran Zimbabwean journalist. In remarks that....

Related News

Zimbabwe Central Bank Warns Bitcoin Use; No Regulations Yet

At the annual Digital Payments Conference held at the Meikles Hotel Zimbabwe on July 28, the Reserve Bank of Zimbabwe (RBZ) warned the country’s citizens against the various risks involved in using Bitcoin. The central bank’s Senior Executive of the National Payment Systems department Josephat Mutepfa, told the event’s audience—which primarily consisted of financial startups, experts, and entrepreneurs—that despite the popularity of Bitcoin, the Reserve Bank of Zimbabwe discourages the use of Bitcoin. This is due to the lack of regulatory frameworks for exchanges and startups providing....

Zimbabwe Unleashes New Dollar-Pegged Currency, Should Switch to Bitcoin Instead

Zimbabwe has begun printing bond notes, allegedly pegged to the US dollar, as a means to curb inflation, as other countries turn to Bitcoin. In a resurrection of the African country’s currency not seen in seven years, the central bank is attempting to restart a Zimbabwean national currency, while simultaneously preserving its value from inflation. The new bond notes are pegged to the U.S. dollar, allegedly backed by a $200 million bond facility with Afreximbank, as a safeguard against rapidly losing its value to hyperinflation, as was the case with the nation’s last currency. Zimbabwe....

Bank Of England Bashes Cryptocurrencies… While Considering A CBDC

The Governor of the Bank of England, Andrew Bailey, made the organization’s current position on cryptocurrencies clear in a recent press conference. When asked about the incredible year that the crypto-space is having, he speared no bullet:  They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they […]

Some Suggest Bitcoin As An Alternative for Zimbabwe

Zimbabwe has been shuddering all century from a failing economy that continually causes cash shortages and tumultuous market inflation. According to a recent editorial from the African Mail & Guardian, some economists are suggesting bitcoin as an alternative. Economist Says Zimbabwe Could Benefit From Bitcoin. Since the year 2000, Zimbabwe’s economy....

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban

The Nigerian Senate wants Central Bank Governor Godwin Emefiele and chief securities regulator Lamido Yuguda to testify about cryptocurrencies.