Zimbabwe Backs New Digital Money With 140 Kilograms of Gold
- Gold-backed digital money part of efforts to support currency
- IMF has warned the policy may lead to depletion of reserves
Photographer: Chris Ratcliffe/Bloomberg
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Zimbabwe used nearly 140 kilograms of gold reserves to back the first sale of its digital money.
The central bank received 135 applications valued at 14 billion Zimbabwe dollar ($12 million) to purchase the gold-backed digital tokens, it said in an emailed statement on Friday. It plans a second auction on May 18.