As per reports, the Reserve Bank of Zimbabwe will launch a gold-pegged digital currency and legalize them in the country, stated Cointelegraph. It is believed that the government took this step for stabilizing the local currency after its continuous devaluation in comparison to the U.S. dollar.
According to a report by The Sunday Mail, a local media platform, this initiative taken by Zimbabwe will allow the exchange of Zimbabwean dollars with digital gold tokens and secure Zimbabweans against currency volatility, Cointelegraph highlighted. Reportedly, this step also plans to “leave no one and no place behind,” John Mangudya, Governor, Reserve Bank of Zimbabwe, added further.