The digital push is an effort to stem the hyperinflation of the Zimbabwean dollar.
Zimbabwes newly introduced gold coin is pictured in Harare, Zimbabwe, July 25, 2022. next month by introducing "tokens" that are backed by gold reserves and can be transferred between people and businesses as a form of payment, the country's central bank said Friday.
Zimbabwe Reserve Bank governor John Mangudya displays the country's new"Mosi-oa-Tunya" gold coin in Harare on July 25, 2022. The hyperinflation resulted in the country at one point issuing a 100 trillion Zimbabwe dollars banknote before the government was forced to temporarily scrap its currency and allow the U.S. dollar to be used as legal tender.
Zimbabwe has tried to stave off the depreciation of its currency with unusual ideas before. In July 2022, it launched gold coins as legal tender to stabilize the local currency. But many people struggling to buy everyday basics such as bread found them too pricey.As cryptocurrencies and related technologies reach into politics, intertwine with the larger economy and impact the environment, everyone could use a sense of what they are and how they work.
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Zimbabwe plans to launch digital currency backed by goldZimbabwe will launch a digital currency next month by introducing 'tokens' that are backed by gold reserves and can be transferred between people and businesses as a form of payment, the country's central bank said Friday.
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