News Snapshot:
Zimbabwe is introducing local digital tokens in the hope of reducing reliance on the US dollar. Starting Monday (May 8), Zimbabwe will circulate digital tokens backed by gold reserves that people can use to conduct peer-to-peer payments and transact with businesses, John P Mangudya, the governor of the Reserve bank of Zimbabwe, announced on April 28. International gold prices determined by the London Bullion Market Association will dictate the local pricing of the tokens. Advertisement Mangudya hopes the tokens offer an innovative new payment option to Zimbabwean citizens: “The issuance of the gold-backed digital tokens is meant to expand the...
