Zimbabwe is nearing the launch of its Gold-Backed Digital Token (GBDT), the country's inaugural digital currency backed by gold bullion, set to be issued by the Reserve Bank of Zimbabwe.

Announced in April, the GBDT aims to be utilized in everyday transactions as part of Zimbabwe's shift towards digital financial solutions.

The currency is viewed as a potential stabilizing factor in Zimbabwe's economy, grappling with persistent inflation in recent years.

In an August 9 monetary policy statement, RBZ Governor John Mangudya outlined that 11 issuances of GBDT have been facilitated by the central bank as of July 21.

Furthermore, Mangudya disclosed that the RBZ has received 590 applications to acquire the new token, amounting to 325.02 kg of gold.