IMF and other experts caution against Zimbabwe’s adoption of gold-backed CBDC
Experts say public distrust in the Zimbabwean dollar as a store of value could also be transferred to the newly introduced CBDC.
CBDC
Mauritius plans to pilot a CBDC before the end of 2023
The country’s central bank says it is considering rolling out the digital rupee pilot phase as soon as November — after a sandboxing exercise
CBDCs, like the eNaira, are potentially risky, IMF official says
The IMF MD believes retail CBDCs may result in “unforeseeable” results for central banks.
Zimbabwe plans to launch gold-backed digital currency to counter hyperinflation
This is the latest move by the bank to battle runaway inflation, a depreciating currency, and a dollarized economy, and it is coming amidst controversy in the country’s gold sector.
CBN preaches eNaira adoption to Nigerian university
The eNaira could potentially be used to pay salaries of federal workers, a CBN official said.
5 billion reasons Africa needs to ditch the U.S. dollar for cross-border trade
Although the U.S. accounted for less than 10% of Africa’s total trade in 2019, nearly half of Africa’s trade is settled in U.S. dollars. The mismatch in commercial and payment flow cost Africans $5 billion yearly, Kioneki writes.
Bank of Ghana delays CBDC launch due to the ‘dislocation of the economy’
The pilot of the project was successful but other factors have been responsible for the silence on the launch.