Following the Government’s announcement in November 2021 indicating a preference for the introduction of a central bank digital currency (CBDC) over cryptocurrencies, the Reserve Bank of Zimbabwe is actively investigating the feasibility of implementing a Zimbabwean CBDC. This exploration encompasses specific design considerations, as well as an evaluation of the potential opportunities and risks to the monetary and financial systems. In light of this, the Bank is in the process of crafting a well-defined roadmap for the adoption of the CBDC. This roadmap includes the ongoing feasibility and assessment phase, the subsequent policy design phase based on the findings of the feasibility study, and the eventual implementation approach. The Bank is committed to providing regular updates to the public to keep them informed about the progress of the CBDC initiative.
A survey targeting consumers was conducted, resulting in the receipt of 3,260 responses from the public. Despite the observed limited understanding of CBDCs, a notable 71.7% of respondents expressed their readiness to embrace a CBDC if introduced by the Bank. With this data-driven context in mind, the Bank is moving forward with a gradual approach towards the CBDC initiative. To raise awareness, the Bank intends to conduct informative campaigns across all regions and districts of the country, aimed at educating the public about the benefits and usage of the proposed General Banking and Domestic Transactions (GBDT) system. The GBDT system is envisioned to serve as the foundation for the development of Zimbabwe’s central bank digital currency (CBDC), given that the current form and design of the GBDT system already exhibit many characteristics inherent to a CBDC.
Source:
https://www.rbz.co.zw/index.php/monetary-policy/monetary-policy-statements