Central Bank Governor John Mangudya announced that Zimbabwe will soon launch a gold-backed digital currency to try to stabilize its cash, whose continued depreciation is strangling the economy against the US dollar.

Intending to address the lack of confidence of Zimbabweans in the national currency, the government has resolved to introduce a gold-backed digital currency, which would allow citizens to store value and protect themselves against high volatility of exchange rates. For Mangudya, “this will allow people who hold small amounts of Zimbabwean dollars to exchange them for digital tokens, in order to store value and protect themselves against currency

Zimbabwe has been experiencing a serious economic crisis since the early 2000s, after former President Robert Mugabe's land reform, which broke up a key sector of the country's economy and caused it to stop repaying nearly $13 billion in debts to the World Bank , à la Banque africaine de développement ( bad