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The reason experts are skeptical of the gold-backed digital token’s prowess is because it may not be enough to stop money supply growth, which is the real problem at hand. A digital token, without strong macroeconomic policies in place, cannot reduce the amount of money circulating in the economy, Chitambara
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The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is expected to help diminish local residents’ demand for the U.S. dollar. Taming High Demand for the US Dollar The
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Zimbabwe’s deteriorating economic situation is forcing authorities to sign off on some desperate and controversial decisions. Some of such decisions include the abrupt suspension mobile money as well as the recent designation of Zimswitch as a national payment switch.Reserve Bank of Zimbabwe Suspends Mobile Money ServiceOwned by banks, Zimswitch
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