Zimbabwe has launched a gold-backed digital currency
- will be used as legal tender alongside the Zimbabwean dollar
- can buy and sell it using Zimbabwean dollars and other foreign currencies
- state-owned media reports say Zimbabwe has 350kgs (12,346 ounces) of gold in reserves (around USD23m), and intends to build reserves to around US$100m
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The IMF have weighed in, as they do. Have cautioned Zimbabwe against adopting a gold-backed digital currency, saying the priority should be the liberalisation of its foreign exchange market.
This article was written by Eamonn Sheridan at www.forexlive.com. Source