RBZ unveils roadmap for CBDC adoption

16 Aug 2022

Governor of the Reserve Bank of Zimbabwe (RBZ) has announced a roadmap is in place for the launch of a central bank digital currency (CBDC).

Six months after announcing the central bank’s objective of looking into the feasibility of a CBDC, John Mangudya said the progression of the roadmap is in line with the government’s decision on the CBDC unveiled in November last year.  

However, within his second monetary policy statement this year, Mangudya said the Reserve Bank of Zimbabwe is now keen to obtain stakeholders’ opinions. 

He commented: “The role of stakeholders in the CBDC journey is paramount and in that regard, the Bank has developed a public consultation paper on CBDC to be released soon. The consultation paper is aimed at fostering a broad and transparent public dialogue regarding the potential benefits and risks of CBDC.”

On release of the document, the Reserve Bank of Zimbabwe said the public will have chance to comment, Bitcoin.com reports. Mangudya added this must be carried out within 90 days after its release.

As well as the consultation paper, the central bank will additionally “carry-out consumer perception surveys on CBDC.” The findings from the two undertakings “will enable the Bank to engage in pilot programmes related to CBDC.”

Furthermore, the central bank governor said two fintech companies – Lloyd Crowdfunding and Uhuru Innovative Solutions – have been included into the fintech regulatory sandbox. Mangudya went on to say that the admission of both firms and “the initiation of regulatory testing is a signal of the Bank’s commitment to promoting responsible innovation.”

In addition, the findings from the regulatory testing are set to provide the central bank with “critical evidence in the formation of an appropriate regulatory framework for financial technology in the country.”