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Gold-Backed Digital Currency Is Zimbabwe’s Way to Sway Love for Dollars

From bnnbloomberg.ca

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 to use ... (full story)

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  • Category: Fundamental Analysis