The crypto fever continues to spread across the globe and it is now being reported that the Reserve Bank of Zimbabwe is actively looking to incorporate blockchain technology into its existing operational framework.
RBZ Taps Blockchain Technology
It is always interesting to see how different institutions look at the potential of blockchain technology. In the case of the Reserve Bank of Zimbabwe, that decision wasn’t necessarily straightforward. In fact, the institution has made it clear that it sees no real merit in cryptocurrency. Even so, the underpinning technology can still unlock new business models and use cases.
At this point in the time, the RBZ is investigating various blockchain use cases. Which projects are of interest exactly, remains unclear at this time but one thing is certain is that the project will not pertain to any cryptocurrency activities since that industry is completely unregulated in Zimbabwe at the moment.
In relation to this matter, RBZ Governor John Mangudya had the following words
“I did not say cryptocurrencies because it is lower than blockchain. Blockchain encompasses all the cryptocurrencies such as bitcoin and all the cryptocurrencies and we are saying we are putting in motion studies, ways and means of investigating that blockchain technology. What we are against as I have always said is to do things which are not regulated because we need to know where these bitcoins are being mined and do want to hunt them. So while we want to embrace things, we need to know where they are coming from.”
One has to keep in mind that there is a lot of hype associated with blockchain technology, especially since finding viable global use cases for this technology is incredibly difficult. Even for the Reserve Bank of Zimbabwe, unlocking the full potential of blockchain will not be as straightforward as many would like to believe.
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