Zimbabwe Plans To Launch Central Bank Digital Currency CBDC In 2022.

The Central Bank of Zimbabwe (Reserve Bank of Zimbabwe – RBZ) has said that it is actively exploring the feasibility of adopting a Zimbabwean central bank digital currency (CBDC) including specific design considerations, opportunities, and risks to the monetary and financial system.
RBZ is developing a clear roadmap for adopting CBDC, encompassing the feasibility and assessment stage currently taking place, policy design stage based on results of the feasibility study and implementation modalities.

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According to the February 2022 monetary policy statement, the RBZ remains opposed to cryptocurrencies but open to innovations via its Fintech Regulatory Sandbox launched by the bank in March 2021.

In a statement released by John Mangudya, the bank’s governor, the RBZ is already developing a roadmap for its CBDC. The statement reads:

“In this context, the Bank is developing a clear roadmap for adopting CBDC, encompassing the feasibility and assessment stage currently taking place, policy design stage based on results of the feasibility study and implementation modalities.”

The RBZ added that it will be issuing periodic updates on the progress of the CBDC program.

Meanwhile, in the monetary policy statement, the RBZ also revealed that its fintech regulatory sandbox, which was launched in March 2021, has received “112 registrations on the online portal and a further 31 applications at various stages.” According to the central bank, the software and systems development category alone accounts for 48% of what the bank refers to as registered users.

The payments category’s share of registered users is 18% while the shares banking and the savings and deposit categories are 8% and 1%, respectively. Capital raising, investment management, lending and others all account for the remaining 25%.

The RBZ in the meantime says the sandbox remains open for innovations while guidelines that prospective applicants can use are found on the institution’s website.