In Q4 of 2022, the Zambian central bank aims to finish a research study on the benefits of implementing a central bank digital currency (CBDC). The bank, which has been examining the advantages and disadvantages of launching a digital currency, claims that the outcomes of this study will help it decide whether or not to launch the CBDC.
According to a Bloomberg story, the Zambian govt, like other of its African colleagues, wants to establish a digital currency because it believes it will help to bridge the financial divide and lower transaction costs. However, the central bank stated that it needed to understand the study’s conclusions before introducing the CBDC.
“The results of the research will form part of the input in the policy considerations on whether to introduce a central bank digital currency in Zambia,”
So, Nkatya Kabwe, the central bank’s acting director of communications explains.
Cryptocurrencies are not legal tender, by Zambia Central Bank
CBDCs are ready to increase transaction traceability. So, according to the paper, in addition to potentially increasing citizen participation in the formal economy. They’re also likely to make payment systems safer and more efficient.
Meanwhile, the Zambian central bank is expected to conclude its CBDC investigation by the end of the year. That’s, only days after it reportedly restated that cryptocurrencies are not legal tender.
“People who want to deal in them should have a full grasp of all the dangers associated with such payment”
” and investment instruments,”
So, the report continues
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