Allegedly, Zimbabwe is considering launching a gold-backed digital currency with the country’s currency falling against the dollar.
digital currency issue Blockchain It became very popular after the spread of . However, many governments have started to take steps on this issue.
Zimbabwe is on the agenda with a gold desk digital currency proposal to melt its money against the dollar
allegedly Zimbabwe , is preparing to launch a gold-backed digital currency soon to stabilize the local currency, which has depreciated against the dollar. The report states that digital tokens will allow holders of small amounts of Zimbabwean dollars to convert their money into digital tokens to store value and protect against currency fluctuations.
Due to its volatility against the dollar, Zimbabwe is currently welcoming the proposal for a gold-backed cryptocurrency.
According to the Sunday Mail ZimbabweCentral Bank Governor John Panonetsa Mangudia said the current exchange rate volatility was due to the expectation that forex supply in the market will increase when the tobacco auction season begins in March. Since the start of the auction season, Zimbabwe has exported 54.9 million kilograms of tobacco worth $307 million.
