The Central Bank of Zimbabwe introduced this Monday a digital token backed by gold as legal tender. 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. Over the past year, the value of the Zimbabwean dollar has declined significantly, with one US dollar now worth approximately 1,000 Zimbabwean dollars, compared to 150 Zimbabwean dollars a year ago. But since taking office, he has been unable to restore confidence in the local currency.

Source: Ethiopian News May 08, 2023 15:22 UTC