Zimbabwe's central bank is launching a gold-backed digital currency to keep the local currency from depreciating further against the USD.
Zimbabwe’s central bank is launching a gold-backed digital currency to keep the local currency from depreciating further against the USD.
The Reserve Bank of Zimbabwe is planning to launch a gold-backed digital currency that will be a legal tender in the country. The measure is part of a government strategy to keep the local currency from depreciating further against the USD., the initiative will allow the country’s residents to trade tiny sums of Zimbabwean dollars for the digital gold token, allowing more Zimbabweans to hedge against currency instability.
Mangudya predicted that the parallel market currency rate will stabilize once tobacco growers receive their payments in USD in the following weeks. Zimbabwe has been struggling with currency volatility and inflation for more than a decade now. Following a period of hyperinflation, the country adopted the USD as its currency in 2009.
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