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