Zimbabwe has looked to gold to “expand value-preserving instruments,” launching a gold-backed digital currency this week as the nation suffers from...
Zimbabwe is looking to gold to “expand value-preserving instruments,” launching a gold-backed digital currency last week as the nation suffers from hyperinflation and its currency continues to diminish in value.
The move is an “interesting experiment to see if locals will warm up to a more stable currency and trust the nation’s central bank in its endeavors,” Peter Spina, president of GoldSeek.com, told MarketWatch. The offering The tokens are meant for investment purposes, with a vesting period of 180 days — available for sale at banks for purchase with local or foreign currency and redeemable in the same way as existing physical gold coin.
The 140 kilograms of gold would be valued at around $9 million to $10 million, said Spina. That’s “peanuts in the grand scheme of things.” “Anyone asserting that Zimbabwe’s gold-backed digital currency will herald the return of a global gold standard is delusional,” said Hanke, who says he’s known as the “Money Doctor” in Zimbabwe, having accurately measured the two hyperinflations that have occurred in the country since 2007.
Gold is supposed to be about “returning trust to a currency or system that has lost trust,” he said. “Even with this power, [gold] will not be enough for locals to gain trust in the central bank’s digital currency experiment.”
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