{"id":1972,"date":"2023-05-14T17:10:35","date_gmt":"2023-05-14T17:10:35","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=1972"},"modified":"2023-05-14T17:10:38","modified_gmt":"2023-05-14T17:10:38","slug":"zimbabwe-sells-14-million-in-gold-backed-digital-tokens","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/zimbabwe-sells-14-million-in-gold-backed-digital-tokens\/","title":{"rendered":"Zimbabwe Sells $14 Million in Gold-Backed Digital Tokens"},"content":{"rendered":"\n

The Zimbabwean economy is no stranger to hyper-inflation. In 2009, the country adopted the USD as an official alternative to their local currency which helped to stabilize prices for a while.<\/p>\n\n\n\n

The economy in the landlocked nation in the southern zone of Africa is based on natural resources and the country’s largest export is gold. In a sense, the economy of Zimbabwe is like a canary in a coal mine and can give investors of a sense of the direction things are heading at home.<\/p>\n\n\n\n

Inflation set in again in recent years and the country’s leaders are looking to step away from the USD in favor of gold. The initial launch of the country’s gold-backed digital currency<\/a> The token’s initial offering is backed by 140 kilogram gold bars<\/a> that have been allocated from central bank reserves.<\/p>\n\n\n\n

The offering Zimbabwe caused a ruckus with some international lenders, with the IMF issuing a statement<\/a> reminiscent of the outrage posited against El Salvador when it established bitcoin as a legal currency began issuing bitcoin bonds.<\/p>\n\n\n\n

A major announcement about a gold-backed basket currency is expected from the BRICS conference in South Africa in August. The BRICS gold-backed currency will offer emerging nations greater opportunities to flourish without being dependent on the dollar currency for settling cross-border transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The token’s initial offering is backed by 140 kilogram gold bars<\/a> that have been allocated from central bank reserves<\/p>\n

The offering from Zimbabwe is causing a ruckus with the IMF that is reminiscent of the outrage posited against El Salvador when it established bitcoin as a legal currency and began issuing bitcoin bonds.<\/p>\n","protected":false},"author":1,"featured_media":1974,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,710,311],"tags":[630,625,949,393,611],"class_list":["post-1972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-central-banks","category-gold-coins","tag-cbdc-token","tag-central-banks","tag-gold-cbdc","tag-gold-standard","tag-news"],"yoast_head":"\nZimbabwe Sells $14 Million in Gold-Backed Digital Tokens - FindBullionPrices.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/findbullionprices.com\/blog\/zimbabwe-sells-14-million-in-gold-backed-digital-tokens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe Sells $14 Million in Gold-Backed Digital Tokens - 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