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The Reserve Bank of Zimbabwe (RBZ) is going to look into possible applications of blockchain technology in its business operations. The decision was influenced by the growing trend of global banking firms integrating this innovation into their respective processes, Cointelegraph reported.
John Mangudya, governor of the Reserve Bank of Zimbabwe, revealed this new development during the Alpha Media Holdings’ Banks and Banking breakfast meeting held in Harare, the country's capital, on Thursday. He cited several developed countries like China, the U.S., and the U.K. utilizing blockchain to improve their existing operations.
This growing trend of adopting blockchain among large financial institutions is due to the fact that the technology can significantly reduce the operational costs of these companies. A study released by a major global management consultancy agency found that if implemented properly, this innovation can cut a bank’s expenditure by 50 to 80 percent.
The Reserve Bank of Zimbabwe means to leverage this advantage and it’s one of the major reasons why the company is launching a research initiative for blockchain. Another reason for this is that the bank doesn’t want to be left behind by this expanding technology. However, it’s also mapping out the possible risks that this new innovation will bring, like the company unknowingly breaking regulatory grounds.
“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 mined and do want to hunt them,” Mangudya explained. “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.”
Last May, the RBZ announced an all-encompassing mandate on financial firms that they’re to cease providing services to crypto exchanges and liquidate any accounts involved in the crypto market. The decision came after the Reserve Bank of Zimbabwe deemed itself incapable of providing protection to the “integrity of payment systems” for clients operating in the crypto industry.
