zimbabwe economy 2024, new crypto currencies and gold backing.

#zuritacespedes Zimbabwe has officially announced these days the path to de-dollarization - following the principles of the BRICS alliance. The government of Zimbabwe has approved a plan that will make the local currency, the ZWL (Zimbabwean dollar), the sole legal tender for all transactions, replacing the US dollar. The Minister of Finance will soon reveal details of the plan, and the Reserve Bank of Zimbabwe will implement additional measures to ensure its success. The de-dollarization comes as Zimbabwe seeks to join the BRICS alliance, which encourages developing countries to strengthen their local currencies and reduce dependence on the dollar. According to the Minister of Information, the centralization of the ZWL throughout the country is scheduled for 2026, bringing forward the original goal of 2030. Betting on gold and getting rid of the dollar is Zimbabwe’s plan. Its president, Emmerson Mnangagwa, hinted at the possible adoption of the ZiG as the only currency from 2026, a proposal that was supported by bankers. “The goal is to have a single currency in Zimbabwe by 2030.“ The pace can be accelerated by managing ZiG inflation and creating reserves. Authorities prepare to execute sanctions against people involved in “unfair price gouging, ZiG currency manipulation, smuggling and all forms of unfair trade practices“ to boost the use of the currency, Launched in early April, is backed by the country’s gold and foreign currency reserves held by the Central Bank. Digital gold tokens allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens to store value and protect against exchange rate volatility. The central bank of Zimbabwe (RBZ) has released more Mosi-oa-Tunya gold coins to the market to check the recent depreciation of the Zimbabwe dollar in the parallel market. The Mosi-oa-Tunya gold coin was introduced in Zimbabwe in 2022 to curb rising inflation. The coins weigh one troy ounce and are made of 22-karat gold, about $2,170. By 2022, more than 11,000 coins had been sold. #zimbabwe #gold #economy #africa #crypto #cryptocurrency