Report: Zimbabwe Central Bank Begins Gold-Backed Digital Currency ‘Dry Run’

According to a report, the Reserve Bank of Zimbabwe has commenced trials, oregon the “dry run” test, for the viability of launching a gold-backed integer currency. Nelson Mupunga, the manager of economical probe astatine the cardinal bank, reportedly said the integer currency volition enactment arsenic an alternate to overseas currency.

Local Residents’ Insatiable Demand for the Greenback

The Zimbabwean cardinal slope has commenced a “dry run” to trial the feasibility of issuing a gold-backed integer currency which is acceptable to beryllium utilized arsenic a means of payment, a report has said. The integer currency, which volition beryllium accepted arsenic ineligible tender for peer-to-peer transactions, is portion of the Reserve Bank of Zimbabwe (RBZ)’s raft of measures which are aimed astatine stabilizing the section currency.

The latest revelation by the Zimbabwean cardinal slope authoritative comes conscionable a fewer weeks aft the RBZ initially announced plans to motorboat the P2P platform. As reported by Bitcoin.com News, the motorboat of the level volition marque it imaginable for holders of integer golden tokens to commercialized them. John Mangudya, the RBZ governor, has successful the past stated that the gold-backed tokens volition assistance the state diminish its insatiable request for overseas currencies specified arsenic the U.S. dollar.

Gold-Backed Digital Currency arsenic a Store of Value

According to Nelson Mupunga, the manager of economical probe and argumentation implementation for the RBZ, the integer currency volition enactment arsenic an alternate to the greenback and different overseas currencies.

“We are astatine an precocious stage; we are astatine the investigating signifier now. Soon, we volition let the golden integer token to beryllium utilized for transaction purposes conscionable similar idiosyncratic buys overseas currency from the parallel market. But astatine the aforesaid time, we tin transact with. So, the token is coming and volition fulfill the aforesaid function,” said the RBZ official.

The authoritative besides added that the cardinal slope had chosen to motorboat the gold-backed integer currency aft observing section residents’ signifier of ditching the floundering section currency for the greenback. Therefore, alternatively of utilizing the greenback to store value, residents successful the inflation-hit state volition beryllium capable to bash this utilizing gold-backed integer tokens.

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