Zimbabwe has introduced a gold backed digital currency.
Still government controlled it appears.
How will citizens know the gold is actually there to back the digital currency?
Will the gold be independently audited?
We use the number of units of each currency that are created as a measure of currency confidence or risk. When additional units of a currency are created there is a greater risk of a loss of purchasing power due to inflation or hyperinflation of the currency price of goods and services. People usually refer to currency as money unless it is debased severely by new currency creation. True money like gold and silver cannot be created by private and central banks.
Malawi just devalued its currency - the Kwacha - by 44% against the US$: https://www.african-markets.com/en/news/southern-africa/malawi/mala...
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