According to Innocent Matshe, the deputy governor of the Reserve Bank of Zimbabwe, the delayed adoption of the eNaira, the central bank of Nigeria’s digital currency, won’t stop the country’s central bank from developing its own CBDC.
He claimed that even though the “jury is still out” about CBDCs, his institution will nevertheless go forward with its preparations for the launch of a digital currency.
According to a previous analysis by a popular news outlet, fewer adults in Nigeria than expected have downloaded or are utilizing the CBDC to make payments.
Also read, Zimbabwe isn’t Backing Down on Cryptocurrency Restriction yet
According to some reports, about 5% of Nigeria’s adult population uses an active eNnaira wallet. The e-poor naira’s uptake has been attributed by experts to the fact that it didn’t live up to the promises made when it was introduced.
According to a Nigerian expert, Chiagozie Iwu, the creator of the local digital currency exchange Naijacrypto, the Central Bank of Nigeria should “create a more hospitable atmosphere to foster fintech and blockchain-based innovations” rather than competing with them.
The second-ranking official at the Reserve Bank of Zimbabwe (RBZ) acknowledged that while there may be some hesitancy regarding CBDCs, preparations should not stop.
According to him, “the fact that there is hesitation in the market should be taken into consideration. At this stage, we do not consider it to be a deterrent; rather, we see it as a teaching opportunity.
Afterward, we may take action to attempt and lessen the elements that are producing that reluctance in the Nigerian market.”
Also read, Zimbabwe’s Government seeks Private Sectors input for Crypto Policies
The Zimbabwean government reportedly sent teams to examine the respective CBDC initiatives in nations like Ghana and China. Earlier than this, on June 27, a group from the RBZ led by Josephat Mutepfa visited the Nigerian central bank.
The deputy governor of the RBZ, Matshe, stated that the digital currency for Zimbabwe “would have its own specificities” with regard to its appearance and features.
While every possibility is still open, he continued, the RBZ does not anticipate that the CBDC will “be closely tied to any currency.”
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