Zimbabwe to introduce gold-backed digital currency
The Reserve Bank of Zimbabwe is set to introduce gold-backed digital currency to prevent collapse of the Zimbabwean dollar and help ease demand for the US dollar. – Facebook pic, April 23, 2023.
The digital gold tokens, a form of electronic money backed by gold held at the RBZ, will allow those holding small amounts of Zimbabwean dollars to exchange their money for tokens in order to hedge against exchange rate volatility. In July 2022, the RBZ introduced the gold coins to halt the collapse of the Zimbabwean dollar and help ease demand for the US dollar.
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