Zimbabwe To Introduce Its Digital Currency Backed By Gold

Apr 26, 2023 at 08:34 // News
Author
Nina Lyon
The main goal is to stop the devaluation of the national currency

Zimbabwean authorities have decided to introduce a new digital currency that will be backed by gold. The new central bank digital currency (CBDC) can be used as a means of payment within the country and to maintain its stability.

According to the head of the African country's central bank, John Mangudya, the main goal of such a move is to stop the devaluation of the national currency.

This move will allow citizens to exchange Zimbabwe dollars into digital tokens and thus stop the risks of currency devaluation.

Zimbabwe ranks first in the world in terms of inflation. Last year, prices in the country increased by 284.94%. Currently, the official exchange rate of the Zimbabwean dollar is 1,000.4 per $1, but the reverse rate is significantly higher and can reach up to 1,750 per $1.

Zimbabwe circulated its first alternative currency - gold coins called Mosi-Oa-Tunya - last year in an effort to eliminate excessive liquidity and stabilize the national currency. As John Mangudia explained, the new digital currency will complement the country's existing means of payment and provide citizens with additional investment opportunities.

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