Zimbabwe minister signals CBDC interest amid Bitcoin adoption rumors

Zimbabwe’s Minister of Information publicly dismissed ongoing rumors about the country considering the adoption of cryptocurrencies and Bitcoin (BTC). Rather, Minister Monica Mutsvangwa clarified that the government of Zimbabwe is keen to experiment with a central banking digital currency (CBDC).

The rumor about Zimbabwe’s crypto adoption was sparked based on numerous reports quoting Charles Wekwete, Permanent Secretary of the President’s office, saying that the government was in talks with the private sector businesses to help introduce cryptocurrency in the country.

Just one day after the reports, Mutsvangwa took to a cabinet briefing to dismiss the ongoing crypto adoption claims:

“Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”

Moreover, the minister clarified that the government of Zimbabwe is following the footsteps of other countries by studying “CBDC as opposed to cryptocurrencies, bitcoins or any form of derivatives.” 

It is important to note that CBDCs are digital tokens issued by a government’s central bank. If launched in Zimbabwe, the digital tokens will be pegged with the Zimbabwe dollar and will have the monetary value of the local currency in real-time.

Governments around the world are experimenting with retail and wholesale CBDCs to find cheaper cross-border payment alternatives while increasing their ability to track transactions to deter money laundering and other fraudulent activities.

CBDCs are now being looked at by many governments in Africa as a tool to speed up their financial inclusion initiatives. Most recently, Ghana joined the growing list of African countries that are currently experimenting with CBDC use cases.

As Cointelegraph reported, the CBDC developed by the Bank of Ghana, the e-cedi, will support offline transactions. According to the bank’s head of fintech and innovation, Kwame Oppong, “The e-cedi would be capable of being used in an offline environment through some smart cards.”

The offline transaction feature of Ghana’s CBDC aims to catalyze the technology’s adoption in regions that lack reliable access to electricity and internet connectivity.

TECH NEWS RELATED

2021 Yaris Cross revealed: mini SUV confirmed for Australia

Toyota has unveiled an all-new light SUV, the Yaris Cross, and confirmed the car for the Australian market. Like Toyota’s other SUVs, this diminutive crossover will offer buyers a choice of conventional petrol and hybrid powertrains. As the name suggests, the Yaris Cross is built on the same platform as ...

View more: 2021 Yaris Cross revealed: mini SUV confirmed for Australia

2020 Mini Electric Australian price and spec confirmed

Mini has locked in Australian pricing for the first all-electric Hatch, with limited First Edition cars landing first in August this year. The Electric Mini isn’t going to be cheap, but at $59,900 driveaway the brit promises style few others can match.  It’s an unconventional segment the Mini EV wades ...

View more: 2020 Mini Electric Australian price and spec confirmed

2020 Mini JCW Countryman facelift: more aggressive, better tech

Mini has announced details of the facelifted John Cooper Works Countryman, the brand’s nippiest small SUV. The lightly refreshed vehicle boasts 225kW of power, an all-wheel-drive system and the British brand’s unique retro-aesthetic. It’s mainly a nip-and-tuck job for the quick Countryman – there are new LED light signatures front ...

View more: 2020 Mini JCW Countryman facelift: more aggressive, better tech

2021 Mini Cooper S Nightfall and Rosewood limited editions released

Two special edition Mini Coopers have joined the Australian line-up; the Nightfall John Cooper Works and Rosewood Cooper S both get limited colours and extra kit for their – rather steep – asking prices. The more affordable Rosewood Cooper S appears in Summer Red from $59,250 for the three-door, with ...

View more: 2021 Mini Cooper S Nightfall and Rosewood limited editions released

2021 Mini Countryman gets a fresh face, better electric range

Mini has updated the Countryman line-up with a focus on urban performance. That means a new look, revised plug-in hybrid with better range, and diesel options dropped altogether. A slight nip-and-tuck outside headlined by distinctive lighting features and bumpers gives way to more interior features including wireless Apple CarPlay and ...

View more: 2021 Mini Countryman gets a fresh face, better electric range

Hyundai Bayon 2021 mini-SUV won’t come to Australia

The Hyundai Venue will survive as the brand’s light SUV for Australia, with executives confirming the new Bayon will not be imported here.

View more: Hyundai Bayon 2021 mini-SUV won’t come to Australia

Mini hatch and convertible 2021: updated small car adds customisation with houndstooth fabric

Mini has revealed a significant facelift for the hatch and convertible with some creative design touches and added technology along for the ride.

View more: Mini hatch and convertible 2021: updated small car adds customisation with houndstooth fabric

Mini Hatch 2021: Paddy Hopkirk Edition celebrates rally heritage

While the Mini is known today for its unique style and prestige, the brand is built on motorsport history – with no date more significant than their first rally win in 1964.

View more: Mini Hatch 2021: Paddy Hopkirk Edition celebrates rally heritage

Mini Countryman 2021: Boardwalk Edition packs unique styling and a picnic table

This week on Chasing Cars: Kia reveals EV6, Mini goes all-electric and Polestar 2 brings the thunder down under

TEST DRIVE: 2022 BMW iX xDrive50 – Power and Minimalism

Mini to become an electric-only brand by early 2030s

Mini Electric Pacesetter 2021: Formula E’s new cyberpunk pace car

Mini JCW 2021: revised suspension, throaty exhaust for hatch and convertible

Hut 8 Sticks to Its ‘Hodl’ Strategy After Mining 265 Bitcoins in November

Amazon AWS adds M1 Mac mini to its cloud service

Miniature Ferrari SF90 Spider Is a Wooden Masterpiece With a Glossy Coating

Miniature grinding mill closes in on the details of ’green’ chemical reactions

AWS brings M1 Mac minis to its cloud

Someone Mounted A Mini Gun To A Tesla Model S Plaid

OTHER TECH NEWS

;