Newslink: Zimbabwe Unleashes New Dollar-Pegged Currency, Should Switch to Bitcoin Instead

in newslink •  3 years ago 

Zimbabwe Unleashes New Dollar-Pegged Currency, Should Switch to Bitcoin Instead

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Zimbabwe has begun printing bond notes, allegedly pegged to the US dollar, as a means to curb inflation, as other countries turn to Bitcoin.

In a resurrection of the African country’s currency not seen in seven years, the central bank is attempting to restart a Zimbabwean national currency, while simultaneously preserving its value from inflation.

The new bond notes are pegged to the U.S. dollar, allegedly backed by a $200 million bond facility with Afreximbank, as a safeguard against rapidly losing its value to hyperinflation, as was the case with the nation’s last currency.

Read full story on cointelegraph website

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