The digital gold token will be introduced by Zimbabwe in an effort to stabilize the local currency depreciation against the US dollar.
Zimbabwe inflation rate. Source: Trading Economics l Reserve Bank of Zimbabwe
According to Mangudya, the exchange rate in the parallel market is expected to stabilize after tobacco farmers receive their United States dollar payments in the coming weeks. The authority said the current exchange rate volatility was caused by"expectations of increased foreign currency supply" on the market due to the tobacco season.to a Wall Street Journal report from March.
Zimbabwe has been fighting against currency volatility and inflation for over a decade. In 2009, the country adopted the US dollar as its currency after an episode of hyperinflation. In 2019, the Zimbabwe dollar was reintroduced in an effort to revive the country's struggling economy. Last year, the government decided to use the US dollar again in a bid to curb surging prices in the country.
Crypto adoption has grown in many African countries as a result of the economic challenges. According to Chainalysis, the Middle East and North Africa region is the
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