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.
yeah, of course Zimbabwe should switch to Bitcoin ...if their government actually wanted what was best for their people. Like most countries with central banks, those institutions exist for rent extraction.