Zimbabwe’s Digital-Currency Plan Needs $100 Million of Gold
- Nation’s gold reserves being used to help local currency
- Plan is to back tokens with real gold, says deputy governor
Photographer: Lisi Niesner/Bloomberg
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Zimbabwe needs $100 million of gold to kick-start its proposed bullion-backed digital currency, as the southern African nation makes another attempt to stabilize its floundering dollar.
The central bank will rely on gold reserves, which it has been accumulating, to support the initiative and stem the local currency’s volatility, according to Persistence Gwanyanya, a member of the central bank’s monetary policy committee.