The Reserve Bank of Zimbabwe is about to introduce a gold-backed digital currency. By using the currency as an official means of payment, the country’s authorities intend to increase the stability of the Zimbabwean dollar.

Zimbabwe to launch gold-backed digital currency

It is noted that the tokens will become a form of electronic money, which will be backed by gold from the Central Bank of the country. Citizens will be able to exchange the national currency for tokens. This measure will allow residents to preserve their savings in a context of increased volatility, the Zimbabwean authorities believe.

Over the past decades, the country’s authorities have repeatedly made a denomination, since 2009, after record global hyperinflation, the country has withdrawn its currency from circulation. Instead, US dollars, British pounds sterling, and the currencies of neighboring countries circulated in the state.

In 2016, Zimbabwe launched so-called substitute dollars, which are officially pegged to the US currency on a one-to-one ratio. In 2019, the Central Bank limited the exchange in this relationship.

In April 2022, $1 was worth 135 Zimbabwean dollars. To date, 1,001 are on offer, RBC writes with reference to data.

Previously, the Bank of Spain allowed fintech MONEI to start testing its own digital euro in a controlled environment.

All services and companies related to relocation on a single map


Natalia Gormaleva

Source: RB

Previous articleDetsky Mir may spend up to 35 billion rubles to buy back shares as part of the transformation
Next articleThis is how Apple beats Epic Games in antitrust lawsuit
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


Please enter your comment!
Please enter your name here