Zimbabwe Plans To Introduce Digital Currency Backed By Gold

Zimbabwe’s central Bank has said that there will be the launching of a digital currency next month by introducing “tokens” that are backed by gold reserves.

The gold reserves can be transferred between people and businesses as a form of payment.

The move is sparked by the fast depreciating Zimbabwe dollar amid yearslong economic instability in the southern African nation.

It should be noted that at one point the hyperinflation had caused Zimbabwe to allow the U.S dollar to be used as legal tender

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