Govt dismisses cryptocurrency reports

10 Nov, 2021 - 08:11 0 Views
Govt dismisses cryptocurrency reports Minister Monica Mutsvangwa

The Sunday News

Vusumuzi Dube, Online News Editor 

THE Government has dismissed as false reports that they were considering adopting cryptocurrency as another form of currency to be used in the country.

Speaking during a post cabinet briefing on Tuesday, Information, Publicity and Broadcasting Minister Monica Mutsvangwa said government was instead studying the Central Banking Digital Currency (CBDC) as opposed to cryptocurrencies, bitcoins or any form of derivatives.

“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.  Out local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.

“Like most countries in the world, Government of Zimbabwe through its Financial Technology (FINTECH) Group, is studying Central Banking Digital Currency (CBDC) as opposed to cryptocurrencies, bitcoins or any form of derivatives,” said Minister Mutsvangwa.

Central Bank Digital Currency, an electronic form of central bank money that citizens can use to make digital payments and store value, it is digital currency, issued by the central bank and universally accessible

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