Govt not adopting crypto currency-Cabinet

Staff Reporter

Government has no plans to introduce another currency as the Zimbabwe dollar is currently performing well as expected.

This was said yesterday by the Information, Publicity and Broadcasting Minister Monica Mutsvangwa during the post 38th Cabinet Press briefing in Harare.

“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 crypto currency,” said Minister Mutsvangwa.

The Minister added that Zimbabwe, just like most countries in the world, is studying Central Banking Digital Currency as opposed to crypto currencies, bitcoins or any form of derivatives.

Minister Mutsvangwa announcement has poured cold water on false assertions that were awash on various social media sites that the country was contemplating adopting crypto currency.

The media last week misquoted Permanent Secretary and Head of Government Technology Unit, Retired Brigadier Charles Whekwete when he said that Government was currently in the process of gathering views from various sectors in order to see how crypto currency can be used as an alternative currency.

Crypto currency is a digital currency in which transactions are verified and records maintained by a decentralised system using cryptography rather than by a centralised authority. Most countries are yet to embrace crypto currency as an official currency.