Zimbabwe 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.
People will be able to buy the tokens through banks and make transactions using “e-gold wallets or e-gold cards” held by banks, he said.’s currency is desperately low after people in 2008 had their savings wiped out by hyperinflation, which reached 5 billion percent, according to the International Monetary Fund, nearly a world record.
In 2019, the government reintroduced a Zimbabwean currency and banned foreign currencies for local transactions. But few took heed and the black market thrived, while the local currency quickly devalued. The government relented and unbanned the U.S. dollar.
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