Ethereum

Reserve

Token

Bank AI

<ul> 
 <li>The bank predicted that the gold tokens will serve as a complementary currency to the USD.</li> 
 <li>To combat locals’ thirst for U.S. dollars, the RBZ introduced the gold-backed tokens in May.</li> 
</ul> 
The Reserve Bank of Zimbabwe (<a href="https://www.rbz.co.zw/" target="_blank" rel="noopener noreferrer nofollow">RBZ</a>) has announced that readiness for the launch of GBDT (gold-backed digital tokens) for use in transactions is at a high point as of this month. Upon launch, the bank predicted that the gold tokens will serve as a complementary currency to the U.S. dollar. 
Governor <a href="https://en.wikipedia.org/wiki/John_Mangudya" target="_blank" rel="noopener noreferrer nofollow">John Mangudya</a> of the Reserve Bank of Zimbabwe (RBZ) said in the bank’s recently issued mid-term monetary policy statement that the RBZ would soon launch awareness programs to “educate the public on the use and benefits of GBDT.” The Confederation of Zimbabwe Industries (CZI), one of the main players Mangudya said, has committed to adjusting its infrastructure so that GBDT-denominated cards may be issued. 
<h3 class="wp-block-heading" id="h-alternate-form-of-currency">Alternate Form of Currency</h3> 
To combat locals’ thirst for U.S. dollars, the RBZ introduced the gold-backed tokens in May. However, the governor of the central bank said that the <a href="https://thenewscrypto.com/zimbabwe-sets-gold-backed-digital-currency-price-at-10-for-individuals/" target="_blank" rel="noopener noreferrer nofollow">GBDTs</a> had already shown to be a successful monetary policy tool only a few months after their introduction. 
According to Mangudya, GBDTs have subsequently shown to be a useful tool for domestic monetary policy, with the ability to speed up the return to normality in the domestic financial and capital markets. 
The RBZ governor said that just 769 gold coins, or around 2% of the total, had been redeemed at the conclusion of the 180-day vesting period, out of the 36,059 coins sold earlier by July 14. Mangudya claims that people are keeping their gold coins as an alternate form of currency because of the poor redemption rate. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/ethereum-eth-price-consolidates-amid-low-volatility/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH) Price Consolidates Amid Low Volatility</a>

Zimbabwe Banks on Gold-Backed Digital Token (GBDT)

Table of Contents

TheNewsCrypto

Other articles published on Aug 13, 2023

Hydro mining could be the future for cryptocurrencies

FSS Won't Regulate Bitcoin Trading

The holy trinity of tech will lead us to the age of singularity!

Coinbase gains legal support as scholars file amicus brief

Short-Squeezed Altcoin Soars 48 Percent, Funding Rate Jumps to Negative 2000 Percent Annually

Lubin believes Bitcoin bubbles are good news

Join our free newsletter for daily crypto updates!