Zimbabwe Intends to Launch a Gold-backed Digital Currency
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The Reserve Bank of Zimbabwe is planning to launch the GBDT token, which will be supported by the bank’s gold reserves, in a move to stimulate the decentralized technology industry.
The new digital currency is anticipated to help the country’s economy, which has experienced a 178.5% inflation rate this month, by providing a stable asset amid devaluation of the Zimbabwean national currency.
Within July, the Central Bank has already issued 11 tokens and is set to increase the issue in the upcoming months with the help of a considerable amount of precious metal.
The token is expected to serve as a transactional tool and will progress to become the national digital currency of Zimbabwe (CBDC).
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