Question
What is the main reason behind Zimbabwe's plan to launch
a digital currency backed by gold reserves?Solution
Zimbabwe will launch a digital currency by introducing “tokens” that are backed by gold reserves and can be transferred between people and businesses as a form of payment. The move is aimed at shoring up Zimbabwe’s faltering national currency, the Zimbabwe dollar, which is fast depreciating amid years long economic woes in the southern African nation. The Bahamas, Jamaica and Nigeria have already launched digital currencies backed by their central banks, with several other countries, including China, running trial projects. About Zimbabwe Capital: Harare            Currency: Zimbabwean dollar; ‎ U.S. dollar‎
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