In the past few months, several rumors were in the air involving Zimbabwe and cryptocurrencies. It was being rumored that Zimbabwe was aiming to adopt Bitcoin (BTC) and cryptocurrencies. However, these rumors have been dismissed by government officials.
Just recently, it was Monica Mutsvangwa, the minister of Zimbabwe who publicly denied all the claims and rumors that were surrounding Bitcoin and cryptocurrencies adoption.
However, Monica Mutsvangwa revealed that they are going with a different approach when it comes to digitalization. The minister has announced that instead of adopting Bitcoin and cryptocurrencies, they are planning to adopt central bank digital currency (CBDC).
Mutsvangwa revealed that the country is aiming to explore the CBDC sector instead. It is now in their agenda to perform experimentation in the CBDC sector and come up with their own digital currency.
The rumors surrounding the country’s adoption of cryptocurrencies were reportedly sparked by the permanent secretary of the president’s office, Charles Wekwete. In a statement, Wekwete stated that the government officials of Zimbabwe had been in talks with the local businesses in the country.
He revealed that the talks between the businesses were for the introduction and adoption of cryptocurrencies in the country. This is the reason why the cryptocurrency community in the country was very hopeful about the country adopting cryptocurrencies.
However, Mutsvangwa addressed these rumors, completely dismissing them, claiming that they are working on no such policies or strategies. She revealed that the country is not planning to adopt cryptocurrencies at all. Mutsvangwa rejected the adoption of cryptocurrencies during a cabinet briefing.
In her statement, Mutsvangwa clarified that the country is not aiming to adopt any other currency for its economy. Instead, they are aiming to modernize and digitalize their fiat currency into digital currency. They are now exploring the possibilities of adopting central bank digital currency.
If they introduce any modernization, then it will be in the form of digital Zimbabwe dollar. Currently, there are no chances that their country will be making a move towards cryptocurrency adoption.
The minister revealed that Zimbabwe is inspired by other countries adopting the central bank’s digital currency. They are not going to make any move into the cryptocurrency sector and put the funds of savings of their citizens at risk.
For now, Zimbabwe is completely against the adoption of cryptocurrencies, Bitcoin, and any other digital assets related to derivatives.
The governments of Africa seem to be going against the adoption of cryptocurrencies. It was early 2021 when the government of Nigeria had reportedly banned cryptocurrencies in the country. However, the cryptocurrency adoption in Nigeria was competing with other major countries from around the world adopting cryptocurrencies.
The African continent wants to adopt cryptocurrencies once there is a reliable and risk-free regulatory framework to support and back cryptocurrencies.
