Zimbabwe Banks to Offer Credit Products with State Digital Currency Backed by Gold
Banks in the South African country will be able to offer credit products using as collateral the newly issued state digital currency, secured by gold, announced the Zimbabwe Bankers Association. The digital money, the local central bank suggests, will eventually be used i ...
Zimbabwe Launches Gold-Backed Digital Currency Despite IMF’s Warning
Zimbabwean authorities issued a digital currency, providing it with a reserve of gold totaling 140 kg. And this despite a warning from the International Monetary Fund that this policy could deplete reserves. The central bank has al ...
IMF Urges Zimbabwe to Replace Gold-Backed CBDC with Currency Liberalization
The International Monetary Fund called on the Zimbabwean authorities to replace the introduction of a digital state coin backed by gold with liberalization of the currency legislation. The IMF believes that the CBDC will not help solve macroeconomic problems such as the vol ...
Zimbabwe’s Reserve Bank to Launch Gold-Backed CBDC
This is how the country wants to overcome hyperinflation The release will take place in two stages, with the first CBDC only available as an investment vehicle The opposition has criticized the project and urged residents not to invest in it The Reser ...
Zimbabwe Plans to Launch Gold-Backed Cryptocurrency to Stabilize Local Currency
The Reserve Bank of Zimbabwe (RBZ) has announced plans to introduce a novel gold-backed government cryptocurrency (CBDC) in a bid to stabilize the local currency. RBZ Governor Rjon Mangudiya has confirmed that the CBDC will be recognized as legal tender. By launching a digital currency linked ...