RBZ Finally Warms Up To Cryptocurrencies


The Reserve Bank of Zimbabwe (RBZ) has created a National Fintech Steering Committee comprising government line ministries, government departments and regulatory agencies to provide strategic policy direction in the financial technology (fin-tech) space as the central bank warms up to cryptocurrencies and related products.


The objective of this collaborative effort is to come up with a National Fintech Strategy, RBZ Governor John Mangudya said in his 2019 Mid Term Monetary Policy Statement.


Previously, the RBZ seemed opposed to cryptocurrencies and related products on account of the risk profiles, but this move is a complete departure.


In addition to the committee, an Interagency Fintech Working Group (IFWG), comprised of technical staff across government line ministries, government departments and regulatory agencies as well as relevant stakeholders was constituted.


The IFWG is supported by four thematic working committees- legal/regulatory, crypto assets and digital currencies, innovation or technical and consumer protection.


“Notably, there is need to put in place a regulatory framework to avoid regulatory arbitrage, create an enabling environment for Fintech as well as a consistent approach in understanding and regulating Fintech, build consumer awareness and education and establish institutional arrangements to ensure a coordinated approach among stakeholders,” Mangudya said.

The Reserve Bank of Zimbabwe says technological innovations have significantly altered the financial landscape.


The Reserve Bank recognises the important role of financial technology (fin-tech) and innovation and the need to harness and leverage on the technology advancements to enable the financial services industry to offer wide range of products and services.


The central bank said there has been a surge in the number of enquiries and proposals from local and foreign companies intending to offer Financial Technology (Fintech) services and products in the country.


The Reserve Bank has embedded innovation and technology transformation in the core of its operations. The Reserve Bank is thus committed to promoting a legal and regulatory environment supportive of innovation and the adoption and usage of Fintech by financial institutions while ensuring attendant risks are identified and mitigated.

The central bank said there has been a surge in the number of enquiries and proposals from local and foreign companies intending to offer Financial Technology (Fintech) services and products in the country.

The Reserve Bank has embedded innovation and technology transformation in the core of its operations. The Reserve Bank is thus committed to promoting a legal and regulatory environment supportive of innovation and the adoption and usage of Fintech by financial institutions while ensuring attendant risks are identified and mitigated.

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