Fool’s Gold?

Zimbabwe needs gold-reserve disclosure to support digital currency

By David Whitehouse

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Posted on May 11, 2023 04:00

Zimbabwe’s introduction of a gold-backed digital currency needs to be accompanied by transparency of the country’s gold reserves to inspire confidence, economists say.

The reserve bank announced the new tokens, which can be bought through the country’s banks using either Zimbabwe dollars or foreign currency, on 4 May. Applications can be made for a minimum $10 for individuals and $5,000 for corporates.

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