Zimbabwe'due south minister of information publicly dismissed ongoing rumors about the country considering the adoption of cryptocurrencies and Bitcoin (BTC). Rather, Minister Monica Mutsvangwa antiseptic that the government of Zimbabwe is groovy to experiment with a central banking digital currency (CBDC).

The rumor almost 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 individual sector businesses to help introduce cryptocurrency in the state.

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

"Authorities would like to assure the nation that it is not considering introducing some other currency in the economy equally 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 past a government'southward central bank. If launched in Zimbabwe, the digital tokens volition be pegged with the Zimbabwe dollar and will take the monetary value of the local currency in real-time.

Governments around the earth are experimenting with retail and wholesale CBDCs to find cheaper cantankerous-border payment alternatives while increasing their ability to runway transactions to deter coin laundering and other fraudulent activities.

Related: Ghana to explore offline transactions for upcoming CBDC

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

As Cointelegraph reported, the CBDC developed by the Depository financial institution of Ghana, the due east-cedi, will support offline transactions. Co-ordinate to the banking company'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 Republic of ghana's CBDC aims to catalyze the technology's adoption in regions that lack reliable admission to electricity and internet connectivity.