CBDC, Cryptocurrency, Economy, News, Regulation

Zimbabwe’s Central Bank Begins Survey for CBDC

The Reserve Bank of Zimbabwe said it is carrying out a customer survey for its Central Bank Digital Currency project. The survey is to get public opinion about the design, nature, and general acceptance of the CBDC idea.

A Drive for Inclusion

The central bank said the feedback from the survey will be treated with every sense of confidentiality. The result will also only be used for research purposes. The central bank said the country’s residents are now free to make their opinion known.

The bank made this known via a tweet on the 9th of November. The tweet carries a link that opens the survey form for residents of the count, and according to the information, they have till the 7th of December 2022.

The start of this survey has come just a few months following the central bank’s announcement that it would release a document that would lead to public consultation. As reported by news outlets in the middle of August, the central bank said it believes in involving residents and stakeholders. The bank hopes that such involvement would create a wider and more transparent public discussion. It will also help to unveil the potential and any risks connected with CBDCs.

Nevertheless, the central bank reassured residents via a note attached to the survey. It addressed their skepticism about participating in the survey. The statement asked prospective participants to be assured of absolute confidentiality in treating their information.

 Assurance of Safety

Furthermore, it stated that their feedback will only be used for research purposes only. It simply wants to get people’s input on the design, nature, and acceptability of the idea. Some of the survey questions asked participants to mention the differences between the Zimbabwean Dollar and a CBDC.

Respondents are equally asked to state at what rate it is likely they use digital currencies. They are also asked to mention why they will or will not use the Zimbabwean CBDC. Furthermore, they were to rate, according to importance, which they prefer between transparency, transaction speed, and privacy.

The central bank equally asked which they prefer between cryptocurrencies and the proposed CBDC. CBDCs are gradually being widely adopted by governments of various countries. The general idea for them is that they are more secure and controllable than cryptocurrencies.

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