The bank predicted that the gold tokens will serve as a complementary currency to the USD.
To combat locals’ thirst for U.S. dollars, the RBZ introduced the gold-backed tokens in May.
The Reserve Bank of Zimbabwe (RBZ) 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 John Mangudya 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.
Alternate Form of Currency
To combat locals’ thirst for U.S. dollars, the RBZ introduced the gold-ba
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