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Zimbabwe cracks down on black market forex trade to prop up ZiG currency
Since the revived crackdown began, bankers say forex volumes on official channels have increased, but some merchants still refuse to accept the new ZiG currency.
Since the revived crackdown began, bankers say forex volumes on official channels have increased, but some merchants still refuse to accept the new ZiG currency.
After launching digitally a month ago, the physical versions of the ZiG gold-backed currency have debuted, but many businesses are still rejecting it.
It was the U.S. dollar and South African rand, and then Zimbabwe switched to a USD-backed bond note, then the Zim dollar, and now, it’s ZiG, as woes continue.
The Reserve Bank of Zimbabwe (RBZ) introduces Zimbabwe Gold (ZiG), a gold-backed digital token, as legal tender for retail use.
As other African countries explore CBDCs, Zimbabwe plans to follow the trend of using retail gold-backed digital tokens in an attempt to aid economic woes.
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Zimbabwe’s tokens are backed by 140 kilograms of gold, the central bank says, revealing it’s preparing for a second round of sale despite an IMF warning.
The core feature of Zimbabwe's new gold-backed tokens is its fractionalization, allowing individual investors to buy tokens for as low as $10.
Morocco lifted the ban on digital assets, Kenya is now taxing Bitcoin, Nigeria drafted its first law recognizing Bitcoin, Zambia delved into CBDCs and more.
The CBDC is one of the measures the central bank is looking to utilize in tightening monetary policy to "sustainably anchor inflation and exchange rate expectations."
2021 had it all in Africa for digital currencies—adoption soared by 1,200% as Kenya led global P2P trades, but there was the bad as well, like a $3.8B scam.
The Zimbabwe government is reportedly in consultation with the private sector on possibly making BTC legal tender like in El Salvador, but this would be a mistake.