Zimbabwe sells gold-backed crypto tokens despite IMF warning

Zimbabwe sells millions of gold-backed crypto tokens despite IMF warning

The Reserve Bank of Zimbabwe has sold 14 billion Zimbabwean dollars’ worth of gold-backed digital tokens — worth around $39 million — despite a warning from the International Monetary Fund.

The crypto tokens, first introduced in April, are backed by 139.57 kilograms of gold, with the sale running from May 8 to May 12.

Wht was the "warning"?

IMF Cautions Zimbabwe Against Plan for Gold-Backed Digital Money

The IMF does not go after the little people - that's left to local captured regulators - but they do like to screw smaller countries. Everyone should read the [Economic Hitman}() book and blog.

It is absolutely obvious that the IMF hates those countries who find creative ways to wriggle out of the shackles the global banksters have placed on them. This is just one more manifest example.

Why Zimbabwe’s Launch Of Gold-Backed Digital Currency Has Sparked Fears Among Economists

We all trust economists, right?

IMF cautioned Zimbabwe against adopting a gold-backed digital currency to deal with macroeconomic challenges like volatility in the local currency, saying it should rather liberalise its foreign-exchange market.

A more balanced response:

But Godfrey Kanyenze, an economist and founder of the Labour and Economic Development Research Institute of Zimbabwe (LEDRIZ), lauded the introduction of the digital currency but said it would not solve Zimbabwe’s currency woes.

“While the idea of launching digital coins is noble as it mops up excess liquidity and stabilises the local unit, this is no different from the gold coins introduced by the central bank last year that have failed to stem the money supply growth,” Kanyenze said.

Saying a similar thing to the IMF, without the blame and shame attitude.

“The reality is that while the gold-backed digital coins are good, they … cater to the rich and are exclusionary,” Kanyenze said. “Ordinary people don’t have savings and face extreme poverty, which is at least 40 percent. It’s necessary but the gold coins also did not go far in solving the problems.”

A few small nations need to push back the bankster fascism - if they can. Although, note that the actual value involved in these tokens is quite small.