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IPFS News Link • Africa: On the Map

Despite IMF Rebuke, Zimbabwe Sells $14 Million Gold-Backed Digital Tokens In First Issue

• Zero Hedge - Tyler Durden

Two weeks ago we described Zimbabwe's latest effort to stabilize the local currency from continued depreciation against the U.S. dollar - The Reserve Bank of Zimbabwe introduced a gold-backed digital currency to serve as legal tender in the country.

By way of background, Zimbabwe has been fighting against currency volatility and inflation for over a decade.

In 2009, the country adopted the U.S. dollar as its currency after an episode of hyperinflation.

In 2019, the Zimbabwean dollar was reintroduced in an effort to revive the country's struggling economy.

Last year, the government decided to use the U.S. dollar again in a bid to curb surging prices in the country.

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