Zimbabwe launch digital currency tied to the market value of the gold

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

More info here

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