Zimbabwe Will Issue Gold-Backed Digital Tokens From Next Month
- Tokens will be issued for investment purposes, transactions
- Nigeria was first African nation to introduce digital money
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Zimbabwe’s central bank plans to sell a gold-backed digital currency to the public from May 8 in another attempt to stabilize its tumbling currency and offer an alternative to the US dollar.
The tokens, to be sold through banks in local and foreign currency at a 20% margin above the interbank mid-rate, will be introduced in two phases, central bank governor John Mangudya, said in an emailed statement on Friday. The currency will initially be used for investment and then for transactions.