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The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a> (RBZ) recently launched a gold-backed digital currency which will be <a href="https://news.pindula.co.zw/2023/04/28/rbz-to-introduce-gold-backed-digital-tokens-on-8-may/">introduced on the 8th of May</a>. The central bank said the value of the gold-backed currency is based on the current market price of gold and can be used for transactions just like any other type of currency.
In the modern era, money has taken various forms, including bank deposits, credit cards, and digital currencies such as Bitcoin. The <a class="MarkdownLink_linkifiedLink__KxC9G">gold standard</a>, where paper money was backed by gold reserves, was the dominant <a class="MarkdownLink_linkifiedLink__KxC9G">monetary system</a> until the mid-20th century when it was replaced by <a class="MarkdownLink_linkifiedLink__KxC9G">fiat currency</a>, which is not backed by any physical commodity. The gold standard was abandoned because it caused frequent changes in value, making it unpredictable. It also restricted governments from using flexible exchange rates, which limited their ability to implement measures like reducing unemployment during economic downturns.
The concept of money has evolved over thousands of years, with various forms of currency being used by different societies throughout history. In ancient times, bartering was a common method of exchange, where goods and services were traded for other goods and services. However, this system had limitations, as it relied on the coincidence of wants and needs between two parties.
The first known currency was created in <a class="MarkdownLink_linkifiedLink__KxC9G">ancient Mesopotamia</a> around 3200 BC, in the form of clay tablets used for accounting purposes. These tablets represented units of grain, which served as a medium of exchange.
Coins were first introduced in the 7th century BC by the <a class="MarkdownLink_linkifiedLink__KxC9G">Lydians</a>, an ancient civilization in what is now Turkey. These coins were made of gold, silver, and electrum, a natural alloy of gold and silver, and were stamped with images of animals and gods.
Paper money was first used in China during the <a class="MarkdownLink_linkifiedLink__KxC9G">Tang Dynasty</a> (618-907 AD), where merchants and traders used paper notes to represent the value of their goods and services. The use of <a class="MarkdownLink_linkifiedLink__KxC9G">paper money spread</a> to the Middle East and Europe, with the first European banknotes being issued in Sweden in 1661.
Today, money plays a crucial role in the global economy, facilitating trade and commerce and serving as a store of value. However, it is also a source of many economic and <a class="MarkdownLink_linkifiedLink__KxC9G">social problems</a>, including inflation, inequality, and <a class="MarkdownLink_linkifiedLink__KxC9G">financial instability</a>.
The RBZ claims that the gold-backed currency, and the <a href="https://zero.pindula.co.zw/rbz-releases-first-batch-of-the-2-000-mosi-oa-tunya-gold-coins-25-july-2022/">Mosi-oa-Tunya gold coins introduced on 25 July 2022</a>, will lower inflation and stabilise the economy and the local currency that was fast shedding value against the United States dollar.
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