Zimbabwe launch digital currency tied to the market value of the gold

<p>Zimbabwe has launched a gold-backed digital currency</p><ul><li> will be used as legal tender alongside the Zimbabwean dollar</li><li>can buy and sell it using Zimbabwean dollars and other foreign currencies</li><li>state-owned media reports say Zimbabwe has 350kgs (12,346 ounces) of gold in reserves (around USD23m), and intends to build reserves to around US$100m</li></ul><p><a href="https://www.aljazeera.com/news/2023/5/9/zimbabwes-new-gold-backed-digital-currency-all-you-need-to-know" target="_blank" rel="nofollow">More info here</a></p><p>—</p><p>The IMF have weighed in, as they do. Have cautioned Zimbabwe against adopting a gold-backed digital currency, saying the priority should be the liberalisation of its foreign exchange market.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.