Zimbabwe to Launch Gold-Backed Digital Currency Next Month
Zimbabwe's central bank will introduce a digital currency next month in the form of "tokens" backed by gold reserves to stabilize the country's faltering national currency, the Zimbabwe dollar. The tokens will be fully backed by physical gold held by the bank and can be used for person-to-person and person-to-business transactions. Zimbabwe has a history of hyperinflation, resulting in the government temporarily scrapping its currency and allowing the US dollar to be used as legal tender. The new digital currency aims to restore trust in the country's currency and ensure that everyone can participate in the economy.