On March 26, 2018, Zimbabwe’s central bank introduced the world to its new cryptocurrency. The CBDC is designed to ease financial access in an effort to reduce poverty and increase economic growth in the country. Zimbabwe has been on a journey towards a cashless society for some time now with mobile banking operations improving every year. However, this development was preceded by rumors that Bitcoin adoption could be coming soon as well–a rumor that seems more unlikely given recent events south of their border
The “zimbabwe bitcoin” is a cryptocurrency that has been in the news lately. The Zimbabwean Minister of Finance, Mthuli Ncube, has expressed interest in the currency and its potential to be adopted in the country.
Zimbabwe’s Minister of Information has officially denied reports that the nation is contemplating adopting cryptocurrencies such as Bitcoin (BTC). Minister Monica Mutsvangwa underlined that the Zimbabwean government is eager to try out a central banking digital currency (CBDC).
The speculation of Zimbabwe’s cryptocurrency adoption was prompted by many reports citing Charles Wekwete, the President’s Permanent Secretary, as suggesting that the government was in negotiations with private sector enterprises to help implement cryptocurrency in the nation.
Mutsvangwa came to a cabinet meeting the day following the revelations to reject the continued crypto adoption claims:
“The government wishes to reassure the people that it is not contemplating bringing a new currency into the economy, as certain sectors of the media have claimed.” The Zimbabwe dollar (ZW$) is our native money, not cryptocurrency.”
Furthermore, the minister highlighted that Zimbabwe’s government is following in the footsteps of other nations by researching “CBDC as opposed to cryptocurrencies, bitcoins, or any other kind of derivatives.”
CBDCs are digital tokens issued by a government’s central bank, which should be noted. The digital tokens will be tied to the Zimbabwe dollar and will have the monetary worth of the local currency in real-time if they are introduced in Zimbabwe.
Governments all around the globe are experimenting with retail and wholesale CBDCs to discover more cost-effective cross-border payment options while also improving their capacity to trace transactions to prevent money laundering and other fraudulent activity.
Ghana will investigate offline transactions for the future CBDC
Many African countries are now considering CBDCs as a way to accelerate their financial inclusion efforts. Ghana is the most recent African country to join the increasing list of nations experimenting with CBDC use cases.
The e-cedi, a CBDC built by the Bank of Ghana, will handle offline transactions, according to Cointelegraph. “The e-cedi would be capable of being utilized in an offline environment using certain smart cards,” says Kwame Oppong, the bank’s director of fintech and innovation.
Ghana’s CBDC’s offline transaction functionality intends to accelerate the technology’s adoption in areas where energy and internet connection are scarce.
The “osmosis crypto news” is a cryptocurrency that has recently been in the news. The Zimbabwe Minister of Finance has signaled interest in the CBDC, which is a cryptocurrency.
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