Zim Central Bank allows Gold-Backed Token Payments

Banks and the nations have got the memo of the blockchain and crypto. And they are not being old about it and instead accepting like a new generation would accept new things. And this is not just limited to USA.

Now slowly africa, asia and also variety of other small nations, islands are accepting the blockchain. There are going to be many nations who are going to be using the CBDC and other form of the tokens that are backed by bitcoin and digital tokens.

However the people around the world are not ignoring the gold. They are going to be minding the value of the gold and they would be making things in the order in that case.

Recently Zimbabwe has decided to take things serious on blockchain, so let's talk about it.

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Image Credit: Gazettengr

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Gold Backed Blockchain Tokens

USDT, USDC and variety of the blockchains out there make use of the gold backing in the treasury. Those stablecoins are backed in gold. So there is a strong trust among them. They may collapse in value but it would also hurt the govt in that case. Which is kind of not the case with decentralized stablecoins these days.

Gold backed tokens are reliable as long as the govt is reliable and the typical organizations that hold things accountable. If you try to keep them for years then they may not be the reliable but they can be something you can think of as a backup plan there. In short, these tokens would bring in value.

Zimbabwe Bank Payments via gold backed stablecoins

Let's check the scenario that the zimbabwe central banks makes the stablecoin. And that is called as gold backed CBDC of their own. And if the people are handed it over in their account we are going to be seeing this as a means of the payments backed by gold.

In short the tokens that we have their value depends on the gold. So as long as the value is there we are going to have some stablecoin in the circulation with govt. Something a lot of african govt are in process to do. They want the CBDC in the circulation instead of the DEFI coins that are out there in the market.

Africa going Blockchain & Digital Assets

Africa is making the progress in the blockchain. Nigeria already made their own CBDC with the e-naira. And now the Zimbabwe is making the gold backed token. Slowly each of the currency would be behaving that way. That is what I have learned so far. And this would make the market of the blockchain more stronger.

If we are to see the blockchain adoption we have to let the banks do the things and in near future we will see things change. Because blockchain would reduce the amount of people who are damaging and corrupting the system. So to bring more transparency we have to think over the digital assets that are backed by the gold.

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Zimbabwe bank is just a start in the Africa region. Soon there will be presence of AI in the africa too. And when that happens, we would be seeing the adoption of blockchain even more faster as that would help AI do the work more efficiently.

Posted Using LeoFinance Alpha