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News Explorer — Zimbabwe Implements Gold-Backed Digital Currency to Stabilize Economy

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Apr 23, 10:41 pm
Cointelegraph

Zimbabwe Implements Gold-Backed Digital Currency to Stabilize Economy

The Reserve Bank of Zimbabwe is introducing a gold-backed digital currency to serve as legal tender in the country, in an effort to stabilize the local currency from depreciation against the U.S. dollar. The move will enable Zimbabweans to hedge against currency volatility, while the exchange rate in the parallel market is expected to stabilize after tobacco farmers receive their U.S. dollar payments.

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