Will Zimbabwe make money great again?
It would be ironic after years of having the most devalued currency on the planet.
But now it is being reported that Zimbabwe is poised to launch a gold-backed digital currency.
These types of reports have popped up from time to time over the years, but here is what a local media outfit is reporting:
“THE Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to be used as legal tender for transacting in the country as part of interventions to stabilise the local currency.
Introduction of the digital gold tokens, a form of electronic money backed by gold held at the RBZ, will represent the first steps by the central bank towards using the country’s gold reserves to anchor the Zimbabwe dollar.
Monetary authorities envisage the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens in order to store value and hedge against exchange rate volatility.”
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