RBZ conducts survey on introduction of digital currency

The Reserve Bank of Zimbabwe (RBZ) is conducting consumer survey on the Central Bank Digital Currency (CBDC) as it explores the possibility of introducing the system in line with global trends.

Accordingly, the Bank says is conducting a CBDC Consumer Survey to solicit public opinions on the design and nature of the CBDC and its overall acceptance by the public.

People are therefore invited to participate in the survey and the bank says the information citizens are going to provide will be treated with the utmost confidentiality and the results will only be used for purposes of research on the design, nature and acceptability of CBDC in Zimbabwe.

Zimbabweans are called on to complete the questions in full and leave no question blank.

Definition of Terms

Access Channels: these are the ways that retail payments are initiated and/or carried out such as USSD (short codes), Internet Banking, or point of sale.

Central Bank Digital Currency (CBDC): A Central Bank Digital Currency is a digital representation of a national currency issued by the central bank for use by the general public.

It should be noted that CBDC will be a complement to existing payment options in the country such as cash, mobile money, and bank cards, among others.

Crypto Currency: Digital representation of value that is not issued by a central bank, but traded, transferred or stored electronically by natural or legal persons used for the purpose of payment, investment, or other forms of utility for the user. Crypto currency also includes virtual assets and or crypto assets such as bitcoin or ether among others

Active Bank Account: means an account that has transacted in the last three months

Central banks, RBZ included, have settled on what is called a central bank digital currency (CBDC).

A CBDC is an electronic form of central bank money that citizens can utilize to make digital payments and store value. A CBDC is a digital currency that is issued by a central bank and is universally accessible.

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