Zimbabwe introduces digital currency backed by gold

The Central Bank of Zimbabwe introduced this Monday a digital token backed by gold as legal tender.

The aim is to help stabilize the Zimbabwean dollar and protect citizens from currency fluctuations.

The gold-backed digital tokens will be a form of electronic money backed by Zimbabwe’s gold reserves, held by the Central Bank.

The Bank’s intention is to allow Zimbabwean dollar holders to exchange their currency for the gold-backed tokens, offering protection against the volatility of the local currency.

Source: africannews.com