TechFlow news — On August 13, the Reserve Bank of Zimbabwe (RBZ) announced that its GBDT (gold-backed digital token), intended for transactional use, is currently in the "final stages of preparation" for launch. The central bank stated that the introduction of the GBDT will "serve as a complement to the US dollar in domestic transactions, offering retailers and users a safer, more convenient, and value-preserving medium of exchange."
In the recently released Mid-Term Monetary Policy Statement, RBZ Governor John Mangudya revealed that the central bank will soon begin a public awareness campaign aimed at "educating the public on the usage and benefits of the GBDT." Mangudya also noted that key stakeholders, including the Confederation of Zimbabwe Industries (CZI), have committed to adapting their systems to support the issuance of cards denominated in GBDT.
The RBZ first launched the gold-backed digital token in May to address local demand for US dollars. Several months after its release, Mangudya stated: "The GBDT has proven to be an effective monetary policy instrument with strong potential to help normalize domestic financial and capital markets in the short term." He added that the "divisibility" of the digital gold tokens means they are accessible to individuals across various economic backgrounds. (Bitcoin.com)
Earlier, in early July, it was reported that Zimbabwe's central bank had begun a "pilot run" to test the feasibility of issuing a gold-backed digital currency that would function as a means of payment. This digital currency would be accepted as legal tender for peer-to-peer transactions and forms part of a broader set of measures by the Reserve Bank of Zimbabwe to stabilize the local currency.
