Thread by @BecauseBitcoin

1. Zimbabwe's central bank is reportedly set to introduce a gold-backed digital currency #CBDC to function as an accepted means of exchange in the country.

This is also interesting since similar ideas were proposed for Texas only recently too:

👇🏻🧵

2. The move comes as the country's currency, the Zimbabwean dollar (ZWL), has experienced significant depreciation against the US dollar in recent weeks due to volatility.

(Per @Investingcom)

@Investingcom 3. In March, the country's yearly inflation rate for consumer prices dropped to a one-year low of 87.6%, which is a decrease from 92% in February.

(Source: tradingeconomics.com/zimbabwe/infla…)

@Investingcom 4. With an annual inflation rate of around 87%, the gold-backed digital currency is expected to provide the much-needed currency stability. Gold tokens will represent gold reserves held by the central bank and will serve as a store of value for locals. Gold-backed tokens are also… twitter.com/i/web/status/1…

@Investingcom 5. While the country previously considered adopting cryptocurrencies like #Bitcoin due to high inflation rates, this time around, the adoption will be a gold-backed digital currency. Decentralized digital currencies are increasingly being used by Africans, and blockchain funding… twitter.com/i/web/status/1…

@Investingcom 6. It will be interesting to see how the economy in Zimbabwe will evolve in the future, and what other central banks will back their digital currencies with Gold or even #Bitcoin.

So far, not every politician here in the US is a fan of releasing a CBDC:

https://twitter.com/becausebitcoin/status/1643690952467308554?s=61&t=52WmtW_9I_t8gAsjFwv6nQ