In a recent announcement, the Reserve Bank of Zimbabwe (RBZ) has invited suggestions, feedback, etc. from the public regarding the “design and nature of the central bank digital currencies (CBDCs).
December 7 has been set as the deadline for accepting responses from the citizens associated with the survey.
In August 2022, the central bank’s governor revealed the nation’s plan in light of CBDC adoption. The governor had announced the involvement of the country’s citizens in CBDC adoption and had also encouraged a broad and transparent formal discussion regarding the benefits and risks of it.
The form calling in suggestions is also accompanied by a note issued to the potential survey participants assuring them of sufficient confidentiality. The participants and their details filled in the survey would be treated with utmost precision and care by the institutions. The survey result will be sincerely considered by the bank on the grounds of the design, nature, and acceptability of CBDC in the country.
RBZ’s survey also tries to assess the participants’ understanding of the CBDC and in turn the larger view of the country’s citizens. Some of the questions in the survey ask the participants to differentiate between a CBDC and the regular Zimbabwe dollar.
Further, the survey in an attempt to anticipate the adoption rate asks questions about people’s inclination towards adopting or using a CBDC and also explains the reason for their mentioned choice.
The survey also asks the participants to assess essential features like privacy, transparency, transaction speed, etc. Additionally, it offered the participants a choice between CBDC and cryptocurrencies.
CBDCs have become a relatively familiar concept for countries across the globe with a lot of them showing signs of interest in it. While nations like Russia, Japan, Thailand, and Australia have made sufficient noise regarding their CBDCs, the central banks of South Korea, Sweden, and India have also advocated for it.