Zimbabwe's Gold Backed Digital Currency; is this that one step better than #cryptoCurrency - a digital currency backed by actual asset of value?
If so, @ReserveBankZIM are not only setting their economy up for par; but too setting the standard in what a digital currency ought be.
All in all, alleviating woes resulting from sanctions & embargoes is improbable if anything.
These progressive #fx measures require trade avenues. #GravityEconomics remains holygrail in economic liberation efforts.
A guided onground economic direction in many a sectors are what the doctor ordered; are hyper inflationary woes to take a back seat for good.
The printing of money without substantial economic activity is something that sees financial innovatives as such (digital gold currency) fall short - regardless it's brilliance & profound quality.
How to also conduct business within locale is one for the #panAfrican family through @AfCFTA to coordinate; are we to liberate our brothers economically & set a framework/blueprint for economic independence on the continent.
For the time being, @edmnangagwa is better off initiating cross board (sectoral) investment pacts, no matter the cost.
A robust economic policy that focuses on #longterm #productivity #strategy & route-to-market avenues will complement industrious financial instrumentation policy for many a moons.
The costs for it (robust economic policy) can't further become more damning in comparison to current economic distress if you ask me. Time to test the waters with serious economic reach.
cc; @ReserveBankZIM @SADC_News @jumuiya @EABCjumuiya @_AfricanUnion
context; https://www.africanews.com/2023/05/08/zimbabwe-introduces-digital-currency-backed-by-gold//
