Zimbabwe Announces Gold-Backed Digital Currency

Zimbabwe to issue a digital currency backed by gold

The Reserve Bank of Zimbabwe is all set to release a gold-backed digital currency that will serve as legal tender in the country.

[{"selector":"#anim-14bddadb-81ec-4f3e-b291-42fc1a3cf45c","keyframes":{"transform":["translate3d(-122.45614%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4270720d-10bf-4820-8c6f-47281e417b47","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9dee7553-2e75-4cd4-97f2-2554f0078266","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Zimbabwe has been fighting against currency volatility and inflation for over a decade.

[{"selector":"#anim-eedcbb3d-3088-4d18-ae68-980a0e225ae5","keyframes":{"transform":["translate3d(-116.29393%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4365364f-a653-4790-a336-90475229f969","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-904d22ca-e369-4389-a8a7-3c5ba67e44b4","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-61465f8d-f651-44fe-9b64-ecd036c37fa5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-24decde7-5eac-42cf-bb88-cc717c54de1d","keyframes":{"transform":["translate3d(0px, 134.08846%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The currency trades nearly Z$1,001 against $1 dollar but is normally exchanged for Z$1,750 on the local streets.

[{"selector":"#anim-a6f0e7a0-f6dc-4767-a3a1-e79c66f53226","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eedbb54b-936f-4c72-ad3d-23c483c00f94","keyframes":{"transform":["translate3d(0px, 135.25856%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-890912e5-0b05-4dbb-81c1-6647603da4c5","keyframes":{"transform":["translate3d(-120.40817%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c191e1c7-a531-4d8d-aa62-76c33ac18ba9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7c6319fd-1cd1-47f9-987a-e2ba19532a0c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The idea behind introducing the digital currency is to tackle the local currency’s depreciation against the US dollar.

[{"selector":"#anim-c30b22dc-aabd-4f16-bc51-f95bcbce7406","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7b3501be-7f64-4888-b815-45b3cdcf3c80","keyframes":{"transform":["translate3d(0px, 143.19088%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c5360ba1-0276-41b6-b95c-91e059759cd6","keyframes":{"transform":["translate3d(-125.51725%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8ccdd04f-1c68-42ec-8469-790d5dda8cd1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3dc319b3-8f41-4087-a329-de2a2dd00542","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

As per Central Bank’s Governor John Mangudya, the plan is as inclusive as possible and will “leave no one and no place behind.”

[{"selector":"#anim-3502dd43-65c5-4ddd-ab08-57133a7f0332","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-657329d8-0dcf-4710-ac51-f7fc4abb6e00","keyframes":{"transform":["translate3d(0px, 141.40826%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7bc8360c-2338-4306-b1f5-736c0a7e684e","keyframes":{"transform":["translate3d(-121%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af2b2163-b534-42b3-a080-0ec872a119fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-13d139f6-928e-4313-841c-659670b6ef4b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

This move will allow small amounts of Zimbabwe dollars to be exchanged for the digital gold token.

[{"selector":"#anim-910a54ae-86b9-451b-904f-9e5e7632693b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bd2d02d1-71be-4919-be1e-bb37b19fe9e8","keyframes":{"transform":["translate3d(0px, 149.33099%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-288fc46b-de96-4afa-a5d9-7ea0400d630c","keyframes":{"transform":["translate3d(-116.11842%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81386b56-f3fc-403c-8b4e-336286d3d755","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d18bc666-e635-4ae2-b449-27237c58032c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Subsequently, it will enable more Zimbabweans to hedge against the currency volatility.

[{"selector":"#anim-11b1cf25-e274-49f2-9b67-f7a7ebcca725","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a79d8b2e-ebe0-47c1-b866-21b7de5456fd","keyframes":{"transform":["translate3d(0px, 164.72935%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5cab3556-eec1-470b-9ab9-95949b47ad88","keyframes":{"transform":["translate3d(-121.08843%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-376e5bba-d4b0-4120-a458-c8570b05d1d4","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53f4a798-364d-48f8-9d68-18f7aa547429","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-54c3912a-50a7-418d-bb99-90f6932fae0b","keyframes":{"transform":["translate3d(216.00002%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-baee38f2-c718-4f81-9260-580b37f044bf","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Swipe up for more stories...