Does Zimbabwe have a digital currency?

Zimbabwe released a gold-backed digital currency on Monday. It follows in the footsteps of other African states including Nigeria, Ghana - and SA - in considering or introducing digital currencies. The Zimbabwe gold-backed digital currency will be used as legal tender alongside the Zimbabwean dollar and bond notes.

What happened to Zimbabwe's currency?

2018: Zimbabwe again reintroduces the Zimbabwe dollar, also known as the real time gross settlement (RTGS) dollar. 2019: The US dollar is outlawed in local transactions. 2022: Zimbabwe launches gold coins to stabilise faltering currency. 2023: Zimbabwe introduces gold-backed digital currency.

Is Zimbabwe's 'gold-backed digital currency' a scam?

However, Steve H. Hanke, a professor of applied economics at The Johns Hopkins University, told MarketWatch the “so-called gold-backed digital currency is yet another scam being offered up by the Reserve Bank of Zimbabwe and the local mafia that flies under the flag of ZANU-PF,” the nation’s dominant political party.

Will digital gold tokens boost Zimbabwe dollar Demand?

But because the digital gold tokens will be linked to the official currency rate, analysts have said the bank is propping up demand for the Zimbabwe dollar by effectively offering them at a discount to the parallel rate.