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Gold-Backed Digital Currency Is Zimbabwe’s Way to Sway Love for Dollars
Zimbabweans are still not yet sold on the government’s latest attempts to get them to ditch their favorite currency: the US dollar. Banks are seeing a slow uptake of gold-backed digital money almost a week after the central bank issued the so-called “ZiG” for use in domestic transactions and as an alternative store of value. The greenback this year replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time, after the local unit was re-introduced in 2019. The US dollar now accounts for 80% of transactions despite the government’s best efforts to get the population ... (full story)