• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Zimbabwe

Zimbabwe Central Bank Prepares To Roll Out Gold-Backed Digital Token

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Reserve Bank of Zimbabwe (RBZ) has expressed its desire to establish a new form of digital money known as the Gold-Backed Digital Token (GBDT). This digital currency will be underpinned by gold bullion reserves held by the central bank.

The decision to undertake this action is in line with the Reserve Bank of Zimbabwe’s endeavors to achieve stability for its own currency, which has been experiencing significant devaluation.

The official introduction of GBDT was first made in May, in response to the urgent demand for dependable and feasible market-driven resolutions.

Related Reading: Crisis At Zunami Protocol: $2.1 Million Loss Exposes Holes In Security

The presence of an exceptionally high inflation rate of 175.8% in June served as an additional catalyst for increased demand from domestic investors.

GBDT Issuances And Investor Response

The Bank had already carried out 11 GBDT issuances as of July 21 according to RBZ Governor John Mangudya, who made the announcement on August 9 during the unveiling of the Mid-Term Monetary Policy Statement.

The reaction garnered attention because of the significant number of applications received, totaling 590, which collectively represented a substantial amount of gold weighing 325.02 kg.

Significant endeavors are currently being made to establish GBDTs as a recognized and acceptable means of conducting transactions.

Mangudya underscored the imminent execution of the upcoming phase, commonly known as “ZiG” or the Zimbabwean precious metal.

This phase would involve the transformation of GBDTs from mere repositories of value to functional currencies for everyday transactions, essentially establishing them as a form of Central Bank Digital Currency (CBDC).

Bitcoin (BTC) is currently trading at $29.348. Chart: TradingView.com

One significant characteristic of GBDTs is their robust reliance on physical gold reserves, which distinguishes them from conventional digital currencies.

In the current economic environment, when only a limited number of central banks maintain gold reserves that closely align with the value of their currency in circulation, GBDTs have emerged as a novel departure from the conventional approach.

The utilization of gold as an economic tool to strengthen Zimbabwe’s financial structure reflects historical customs reminiscent of the period when central banks adhered to the gold standard.

Doubt And Uncertainty In Fiat Currencies

Furthermore, the digital gold initiative in Zimbabwe aligns with an emerging pattern of doubt and uncertainty surrounding traditional fiat currencies.

Within the global setting, there have been parallel arguments regarding the issue of power concentration within central banks. In the context of the United States, there is often an overlap between views that support GBDTs and critiques of central bank digital currencies.

The Republican lawmakers exhibit a noticeable increase in opposition towards the power of the Federal Reserve.

They have advocated for the implementation of policies to CBDCs in places such as Florida, while simultaneously working towards the creation of GBDTs, as evidenced in Texas.

Related Reading: FDIC Warns Of Crypto’s Legal And Fraud Risks For US Banks – Here’s Why

This is consistent with the growing distrust within the Republican Party towards the centralized authority of the US central bank, as observed across different party subgroups.

Featured image from BullionStar

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Justin sun trump wlfi

Justin Sun Faces Backlash After Urging WLFI to Unfreeze Tokens

1 hour ago
Russia

Russia Looks To Open Crypto Market Wider For Citizens – Details

4 hours ago
European Central Bank Pushes Digital Euro for Resilient Payments – Best Wallet Token Stands Out

European Central Bank Pushes Digital Euro for Resilient Payments – Best Wallet Token Stands Out

12 hours ago
Bitcoin Treasuries Top 1M BTC Exceeding $111B – The Best Altcoins Thrive Amid Mainstream Adoption

Bitcoin Treasuries Top 1M BTC Exceeding $111B – The Best Altcoins Thrive Amid Mainstream Adoption

16 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 5)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 5)

13 hours ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 5)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 5)

13 hours ago

Premium Sponsors

Press Releases

  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    9 hours ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    9 hours ago
  • miner

    Cardano (ADA) Market Outlook: Long-term Potential Passive...

    9 hours ago
  • etnminer

    How to Play to Earn Crypto in 2025: Discover 6 Most...

    14 hours ago
  • miner

    BAY Miner Cloud Mining App Launches with ETH and BTC Users...

    15 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.