Zimbabwe's Central Bank to Launch P2P Platform for Gold-Backed Digital Currency Transactions

June 20 (Cointime) - Zimbabwe's central bank is set to launch a peer-to-peer platform for facilitating digital gold token transactions, which is expected to reduce local demand for the US dollar. The platform is part of the bank's measures to stabilize the Zimbabwean dollar and diminish the need for foreign currencies.

Holders of the digital gold tokens will be required to open "gold token" bank accounts that will be converted to a US dollar-benchmarked value system. The tokens have a value linked to the London Bullion Market Association (LBMA) and will be stored in a special wallet known as an e-gold wallet or gold card.

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