The Reserve Bank of Zimbabwe will launch a gold-backed digital currency as the country's legal tender

ChainCatcher news, according to the Sunday Mail, the Reserve Bank of Zimbabwe will launch a gold-backed digital currency as the legal tender for transactions in the country, as part of measures to stabilize the local currency. This will represent the first action by the central bank to use the country's gold reserves to anchor the Zimbabwean dollar.

The Zimbabwean monetary authorities envision that the gold-backed digital currency will allow those holding small amounts of Zimbabwean dollars to exchange them for digital currency, enabling value storage and hedging against exchange rate fluctuations. Meanwhile, the Reserve Bank of Zimbabwe is also considering injecting more Mosi-oa-Tunya gold coins into the market to curb the recent depreciation of the Zimbabwean dollar. (source link)