RBZ finalizes P2P platform for gold-backed CBDC
The move is aimed at reducing the demand for US dollars and providing an alternative currency and store of value.
Zimbabwe
Bitcoin fraud suspect denied bail in Zimbabwe
The suspect allegedly duped an eye specialist of $457,000 worth of cryptocurrency between October 2021 and March this year.
Sub-Saharan African currencies have plunged 8% in one year amidst soaring public debts and global uncertainties: IMF
The depreciation has contributed to rising inflation in the region. Notably, inflationary pressures do not decline when local currencies strengthen against the US dollar, IMF says.
IMF and other experts caution against Zimbabwe’s adoption of gold-backed CBDC
Experts say public distrust in the Zimbabwean dollar as a store of value could also be transferred to the newly introduced CBDC.
Inflation in Africa: Latest data shows worsening figures across the board
Figures show 50% of countries with available data experienced an increase in consumer prices in March.
CBDCs, like the eNaira, are potentially risky, IMF official says
The IMF MD believes retail CBDCs may result in “unforeseeable” results for central banks.
Zimbabwe plans to launch gold-backed digital currency to counter hyperinflation
This is the latest move by the bank to battle runaway inflation, a depreciating currency, and a dollarized economy, and it is coming amidst controversy in the country’s gold sector.