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Reserve Bank of Zimbabwe ‘Developed a Roadmap for Adoption of CBDC,’ Says Governor


The governor of the Zimbabwean central financial institution, John Mangudya, not too long ago mentioned his group “has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.” Mangudya additionally revealed that two fintech startups had been admitted into the central financial institution’s fintech regulatory sandbox.
Stakeholders’ Views Wished
Almost six months after saying the […]

Reserve Bank of Zimbabwe 'Developed a Roadmap for Adoption of CBDC,' Says Governor

The governor of the Zimbabwean central financial institution, John Mangudya, not too long ago mentioned his group “has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.” Mangudya additionally revealed that two fintech startups had been admitted into the central financial institution’s fintech regulatory sandbox.

Stakeholders’ Views Wished

Almost six months after saying the Reserve Financial institution of Zimbabwe (RBZ)’s intention to discover the feasibility of launching a central financial institution digital foreign money (CBDC), the financial institution’s governor John Mangudya not too long ago revealed that the central financial institution now has a roadmap for the envisaged digital foreign money. He mentioned the financial institution’s growth of the roadmap is consistent with the federal government’s determination on the CBDC which was made in November 2021.

However, Mangudya urged in his second financial coverage assertion of the 12 months that the RBZ is now wanting to get the views of stakeholders. He mentioned:

The position of stakeholders within the CBDC journey is paramount and in that regard, the Financial institution has developed a public session paper on CBDC to be launched quickly. The session paper is geared toward fostering a broad and clear public dialogue relating to the potential advantages and dangers of CBDC.

Based on the RBZ, as soon as the doc has been launched, the general public can have a chance to touch upon the session paper. This should be achieved inside 90 days after the discharge of the session paper, Mangudya mentioned.

Apart from the session paper, the RBZ will even “carry-out shopper notion surveys on CBDC.” The findings from the 2 undertakings “will allow the Financial institution to have interaction in pilot programmes associated to CBDC.”

Admissions Into the Fintech Regulatory Sandbox

In the meantime, in the identical assertion, the RBZ governor revealed that two fintech companies; specifically Llyod Crowd Funding and Uhuru Revolutionary Options had been admitted into the fintech regulatory sandbox. Of those two, Llyod Crowd Funding has already commenced its sandbox operations that can run till 2023 whereas Uhuru Revolutionary Options is anticipated to start out regulatory testing quickly.

Based on Mangudya, the admission of the 2 startups and “the initiation of regulatory testing is a sign of the Financial institution’s dedication to selling accountable innovation.”
On the identical time, the outcomes which are derived from the regulatory testing are anticipated to furnish the RBZ with “essential proof within the formation of an acceptable regulatory framework for monetary know-how within the nation.”

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