Currencies
Gold-Backed Digital Currency Is Zimbabwe’s Way to Sway Love for Dollars
- Central bank started issuing gold-backed digital money Oct. 5
- Uptake of the ZiG has been slow, bankers association says
A street vendor exchanges US banknotes with a customer at the bus terminus in Harare, Zimbabwe.
Photographer: Cynthia R Matonhodze/BloombergThis article is for subscribers only.
Zimbabweans are still not yet sold on the government’s latest attempts to get them to ditch their favorite currency: the US dollar.
Banks are seeing a slow uptake of gold-backed digital money almost a week after the central bank issued the so-called “ZiG” for use in domestic transactions and as an alternative store of value.