The Central Bank of Zimbabwe has introduced a digital token backed by gold as legal tender.  The reason to introduce is to stabilize Zimbabwean dollar and protect people from currency fluctuations.  The gold-backed digital tokens are in form of electronic money backed by Zimbabwe's gold reserves held by the Central Bank.   The Bank's will allow Zimbabwean dollar holders to exchange their currency for the gold-backed tokens, also offering protection against the volatility of the local currency.  During last 1 year the value of the Zimbabwean dollar has declined significantly against US dollar. It is approximately 1,000 Zimbabwean dollars, compared to 150 Zimbabwean dollars a year ago.

Conclusion

In Zimbabwe inflation is triple digit for over a decade.   President Emmerson Mnangagwa making efforts to turn his country into a middle-income economy by 2030. Now let us see will these move help their country economic development.