The central bank expects individuals with small amounts of Zimbabwean dollars to exchange their money for the tokens.

Apart from the introduction of digital currency, the Reserve Bank of Zimbabwe is also considering the release of additional Mosi-oa-Tunya gold coins to combat the recent devaluation of the Zimbabwean dollar on the parallel market.

Zimbabwe To Introduce Its Own Cryptocurrency With A Twist!

“We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind,” central bank Governor John Mangudya told The Sunday Mail.

RBZ Explains Recent Increase In Black Market Rates:

The Governor also explained the recent rate hikes in the parallel market. He said people were anticipating an increase in foreign currency supply during the opening of the tobacco marketing season in March.

“The movements in the parallel market rate are mainly because of the expectations of increased foreign currency supply in the market when the tobacco marketing season opened. However, the supply of foreign currency over the past three weeks has been lower than expected. That expectation raised the rates because people thought there will be more money in the market,” said Dr Mangudya.

He added that the rate is expected to begin stabilising when tobacco farmers start receiving their portion of United States dollar payments this week.

“With the start of the tobacco marketing season, most of the funds have been going towards servicing tobacco contractors’ obligations. Now, the money will start flowing into accounts of the growers themselves end of this month; that is when most of them will start receiving their US dollar portions,” he added.