Blockchain implementation studied by the Reserve bank of Zimbabwe

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An initial study program into blockchain technology has been engaged by the Reserve Bank of Zimbabwe in order to better integrate this new technology into the bank’s business processes.

The governor of the Reserve Bank John Mangudya speaking at the Alpha Media Holding’s Banks and Banking breakfast meeting in Harare the capital of Zimbabwe, has stated that the bank is planing to implement the technology and that many central banks in countries like China, U.S, U.K and South Africa have been thinking of blockchain implementation in their working environments and continued:

“I did not say cryptocurrnecies because it is lower than blockchain. Blockchain encompasses all the cryptocurrencies such as Bitcoin and we are saying we are putting in  motion studies, ways and means of investigating that blockchain technology.”

Mangudya had also clarified that the bank’s workings with the blockchain is motivated by the fear of leaving them selves out of all of the new and important technologies and he added:

“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 mind and do want to hunt them. So while we want to embrace things, we need to know where they are coming from. If you embrace mobile banking platforms we know that there is a trust account.”

In the end of 2017 the Reserve bank of Zimbabwe had proclaimed that the use of Bitcoin is prohibited and considered illegal in the country.