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Zimbabwe to Launch Gold-Backed Cryptocurrency

Updated: Apr 26, 2023

On April 23, the Reserve Bank of Zimbabwe (RBZ) said the gold-backed digital asset will be used as legal tender in the African nation. The decision is part of an effort to stabilize the country's economy and local currency's continued depreciation against the US dollar. According to local media reports, the move will allow those holding small amounts of Zimbabwean dollars to exchange their money for digital tokens. This will help them store value and hedge against currency volatility. RBZ Governor Dr. John Mangudya said the current exchange rate volatility was affected by "expectations of increased foreign currency supply".

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