Zimbabwe Will Issue Gold Coins To Control Inflation. Why Don’t They Use BTC?

Like most of the world’s, Zimbabwe ’s economy is in shambles. Is a gold coin the solution, though? It might just be. The country’s central bank announced “the “Mosi-oa-tunya” coin, named after Victoria falls.” It’s Zimbabwe’s response to a dire situation. According to Reuters, “annual inflation, which hit almost 192% in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalize the economy.” In a highly unusual move, Zimbabwe ’s government created both a hedge against inflation and a highly-demanded product. A solution to a problem they created, sure, but still. The “Mosi-oa-tunya” coin might just work. “The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks,” the article detailed. A gold coin is no bitcoin, but it certainly provides a solution for analog people. At the present moment, the necessary technology to use bitcoin is not accessible to everyone. Everyone deserves a hedge against inflation, though. And if it’s easy to get to, all the better. Back to Reuters’ Zimbabwe report: “The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.” Of course, this leads to a giant unanswered question, Why Don’t You Use ...