The Reserve Bank of Zimbabwe (RBZ) is set to introduce a gold-backed digital currency to reduce demand for the US dollar as the local currency continues to tumble, reported Xinhua quoting a report by the state-run newspaper Sunday Mail today.
The digital gold tokens, a form of electronic money backed by gold held at the RBZ, will allow those holding small amounts of Zimbabwean dollars to exchange their money for tokens in order to hedge against exchange rate volatility.