Tether, the issuer of the USDT stablecoin and a leading player in the digital asset industry, has made a strategic investment of .75M in XREX Group, a fully regulated, blockchain-enabled financial institution. The investment aims to drive innovation in the digital asset industry and facilitate USDT-based cross-border payments in emerging markets. XREX will use the […]
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IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’
The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender has reportedly announced plans to send a team in June to evaluate the performance of the new currency. Contrasting IMF […]
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SwissGold Crypto AG Launches Gold-Backed NFTs for Wealth Preservation
PRESS RELEASE. Zug, Switzerland – SwissGold Crypto AG, a Swiss-regulated crypto issuer, introduces a novel solution to the wealth preservation challenge in times of inflation and uncertainty: gold-backed non-fungible tokens (NFTs).
Gold’s enduring stability, in contrast to depreciating fiat currencies, has made it a trusted wealth preserver for centuries. Following the US President’s 1971 decision to abandon the gold standard, major fiat currencies have suffered substantial devaluation, with the dollar losing as much as 97% of its value against gold.
As inflation rates rise, interest in alternative assets such as gold and cryptocurrencies has surged. While cryptocurrencies are volatile, gold remains a stable and reliable refuge in times of crisis, hyperinflation, conflict, or natural disasters.
Gold used as a crisis insurance should be physically allocated, as the paper gold market, which is many times larger than available physical gold, can lead to shortages during crises.
SwissGold Crypto AG offers a secure and flexible means of gold ownership and trading by placing gold bars of all sizes on the blockchain as non-fungible tokens (NFTs). These NFTs are backed by physical gold bars and can be purchased for as low as for a 1-gram gold bar.
Notably, SwissGold NFTs come without storage fees, and token holders can redeem their NFTs for the physical gold bars they represent at any time. SwissGold NFTs also feature the corresponding gold bar’s serial number and a metaverse-compatible 3D representation for virtual display.
To acquire SwissGold NFTs, visit swissgold.io, where various cryptocurrencies and fiat currencies are accepted. The gold is stored securely in Switzerland’s high-security vaults, ensuring peace of mind.
SwissGold’s gold-backed NFTs offer a pragmatic alternative for preserving wealth in uncertain times, benefiting from Switzerland’s stable and secure economic environment.
For media inquiries, please contact:
Carole Hofmann
media@swissgold.io
About SwissGold Crypto AG:
SwissGold Crypto AG is a Swiss-regulated crypto issuer based in Zug, Switzerland’s Crypto Valley, specializing in gold-backed NFTs. SwissGold offers a secure and flexible avenue for individuals to own and trade gold in a digital format, backed by physical gold bars. For more information, visit swissgold.io.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Gold Heats Up, China’s Gold-Backed Bond Move, and the 10-Year Treasury Note’s Ominous Rise
In the turbulent macroeconomic landscape marked by clashes in Ukraine and Israel, and with the Fed’s Jerome Powell alluding to persistent and escalated interest rates, the 10-year Treasury note has soared to 5% — a milestone not seen since 2007. Amid this whirlwind, both gold and silver have enjoyed a surge, paralleling the ascent of the crypto world. In contrast, equities have faced a challenging week, with the Dow Jones plummeting over 200 points just ahead of Friday’s closing bell.
Gold Stands Firm in Macroeconomic Turmoil
On October 20, the quartet of leading stock indices — Dow Jones (DJI), S&P 500 (INX), Nasdaq Composite (IXIC), and the Russell 2000 (RUT) — witnessed declines ranging from 0.8% to 1.5%. Concurrently, just a day earlier, the yield on the benchmark 10-year Treasury bond climbed to a staggering 5%, a peak not touched in 16 years.
By Friday, this 10-year note was coasting along at 4.92%, marking a significant 38.6% rise over the past half-year. Simultaneously, WTI Crude and Brent Crude hover in the range of to per barrel, a significant climb from their per barrel trough at June’s end.
The geopolitical tensions in Ukraine and Israel have kept markets on tenterhooks, and Federal Reserve Chair Jerome Powell took a decisive stance in his Thursday speech, hinting at impending rate hikes. Meanwhile, the crypto world showcased its resilience following the misleading ETF news on October 16, especially given that it had previously faced setbacks due to the conflict between Hamas and Israel just a week earlier.
In recent times, precious metals have certainly made their mark. Gold is on the cusp of the K per ounce threshold, currently trading at approximately ,980 per ounce, marking an 8.5% uptick since the start of the year. Over the past week, gold has appreciated by 2.4% relative to the U.S. dollar, while silver has seen a 2.5% rise.
Nevertheless, on a year-to-date basis, silver has declined by 2.5%, standing at per ounce. Reuters points out that the mounting demand for “safe-haven assets,” driven by concerns of a potential escalation in the Israel-Hamas confrontation, has given gold a boost.
In another development, China’s central bank has shown the nation’s sustained appetite for the precious metal throughout the year. On October 20, 2023, Reuters further unveiled that China has been gleaning insights from Russia on navigating financial sanctions.
In a report addressing escalated China-Taiwan tensions, it was highlighted that Chinese researchers from think tanks have explored the idea of issuing gold-backed bonds as a means to sidestep potential sanctions should China take aggressive action against Taiwan. The article further elaborated:
Reuters could not determine the extent to which the think tanks influence China’s decision-making, but they are known to brief and write reports for leading officials.
Gold has showcased its resilience as a trusted safe-haven asset in recent times, though this doesn’t guarantee its future stability. As it approaches its historic peak of ,074.88 from August 2020, gold bugs are watching with bated breath. However, it’s essential to note that while gold’s performance has been commendable, bitcoin (BTC) and the broader crypto economy have outpaced the gains seen in precious metals.
What do you think about gold’s rise in recent times? Share your thoughts and opinions about this subject in the comments section below.
Gold-Backed Digital Tokens Now an Approved Payment Method Says Zimbabwean Central Bank
Zimbabwean residents and institutions can now pay or settle domestic transactions using the recently launched gold-backed digital tokens, the central bank has said. Bank governor John Mangudya said the central bank has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time.”
Preserving Value With Gold-Backed Tokens
The Zimbabwean gold-backed digital tokens are now an approved method of paying or settling domestic transactions, the head of the country’s central bank has said. In a statement issued on Oct. 5, John Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ), added that the digital tokens will also continue to act as a value preservation instrument.
Introduction of the Zimbabwe Gold-Backed Digital Token (Zig) as a Means of Payment pic.twitter.com/o1CL5dsbaQ
— Reserve Bank of Zimbabwe (@ReserveBankZIM) October 5, 2023
As reported by Bitcoin.com News over the past few months, the RBZ has been working on the supporting infrastructure. Initially, the central bank said the tokens, which are now known as ZIG tokens, would be useful in insulating holders against inflation and currency depreciation.
Buying Digital Tokens With Local Currency
Meanwhile, prior to launching gold-backed digital tokens, the RBZ had already launched physical coins to serve the same purpose. Commenting on how the value of the ZIG tokens is determined, the RBZ boss said:
The value of ZIG will be at par with the value of the physical Mosi-au-Tunya gold coin and will remain informed by the international gold price. Banks will maintain dedicated ZIG accounts and intermediate transactions in ZIG in the same way they intermediate in local and foreign currency.
The Zimbabwean central bank added the applicable money transfer tax will only be half the rate usually applied for foreign currency-denominated transactions.
According to a report in the Herald, ZIG tokens are issued in units of one milligram of gold worth just over 6.1 cents. The report added that both individuals and institutions will be able to purchase the tokens using local and foreign currency.
In what is seen as an attempt to assuage skeptics, Mangudya said the RBZ has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time.” However, the central bank’s statement does not reveal the names of the auditors.
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Zimbabwe Central Bank Says Gold-Backed Tokens Set to Be Used for ‘Transactional Purposes’
The Zimbabwean central bank recently said it is close to rolling out gold-backed digital tokens “for transactional purposes.” According to the bank’s governor, the gold-backed digital tokens have already proven to be an effective monetary policy instrument. Central bank governor John Mangudya also said the results of a consumer survey had shown that residents had limited knowledge about an envisaged central bank digital currency (CBDC).
An ‘Effective Monetary Policy Instrument’
The Reserve Bank of Zimbabwe (RBZ) has said it is now “at an advanced stage in preparations for the rolling out of GBDT [gold-backed digital tokens] for transactional purposes.” The bank said the rollout would see the gold tokens complement the U.S. dollar “in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange.”
In a recently released mid-term monetary policy statement, RBZ governor John Mangudya revealed that the central bank will soon kickstart awareness campaigns whose objective is to “educate the public on the use and benefits of GBDT.” Mangudya also revealed that key stakeholders such as the Confederation of Zimbabwe Industries (CZI) have pledged to configure their systems to allow for the issuance of cards denominated in the GBDT.
As previously reported by Bitcoin.com News, the RBZ launched the gold-backed tokens in May to counter local residents’ demand for U.S. dollars. However, just a few months after the launch, the central bank governor said the GBDTs have already proved to be an effective monetary policy instrument.
“The GBDTs have since proved to be an effective monetary policy instrument with strong potential to help restore normalcy to the domestic financial and capital markets within the short term,” Mangudya said.
More Than 70% Willing to Use CBDC
The governor claimed that the “divisibility nature” of the digital gold tokens means they can be accessed or acquired by people from all economic backgrounds.
Concerning the uptake of physical gold coins, the RBZ boss revealed that out of the 36,059 coins which had been sold by July 14, only 769 gold coins or approximately 2% of the total had been redeemed following the end of the 180-day vesting period. According to Mangudya, the low redemption rate means residents and businesses are indeed using the physical gold coins as an alternative store of value.
With respect to the RBZ’s central bank digital currency (CBDC), Mangudya said the results of a consumer survey had shown that residents had limited knowledge about the envisaged digital currency. However, some 71.7% of the respondents expressed their willingness to use a CBDC if the central bank introduces it, Mangudya added.
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Robert Kiyosaki Warns US Dollar ‘Will Die’ Citing BRICS Nations’ Plan to Launch Gold-Backed Currency
Rich Dad Poor Dad author Robert Kiyosaki has warned that the U.S. dollar will die. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a gold-backed currency that will kill the USD. The famous author further stressed that U.S. dollars will come flooding home and inflation will go through the roof.
Robert Kiyosaki on Death of US Dollar, BRICS Currency Launch, Inflation
Robert Kiyosaki, the author of Rich Dad Poor Dad, has weighed in on the proposed BRICS currency and its potential impact on the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The BRICS nations comprise Brazil, Russia, India, China, and South Africa.
The anticipation surrounding the new BRICS currency has surged after a report by Russian news outlet RT, suggesting that the BRICS economic bloc is preparing to introduce a gold-backed currency, with an official announcement expected to be made during the leaders’ summit scheduled for Aug. 22-24. However, no BRICS officials have made an announcement regarding the new currency, and there is no confirmation that it will be backed by gold.
In a Tuesday tweet, Kiyosaki predicted that the U.S. dollar will die and trillions of USD will rush home, as he expects the BRICS nations to announce a gold-backed currency during their summit in August. The famous author added that inflation will go through the roof, emphasizing that investors should buy gold, silver, and bitcoin — his usual recommendation.
This was not the first time Kiyosaki has warned about the BRICS nations challenging the dominance of the U.S. and its currency. In April, he similarly said that “quadrillions of dollars” are coming back, cautioning that “the ramifications of that are possibly … hyperinflation.”
Kiyosaki has been recommending gold, silver, and bitcoin for many years. He previously explained that the three investments are the best for “unstable times.” In his tweet on Tuesday, he also mentioned that the price of bitcoin will hit 0,000 next year. The famous author could be quoting the revised forecast by Standard Chartered. The banking giant said Monday that BTC could reach ,000 this year and 0,000 in 2024.
The renowned author has made his own predictions about the future price of gold, silver, and bitcoin, stating in February that BTC will hit 0,000 by 2025, gold will hit ,000, and silver will reach 0.
While many people expect the launch of a common BRICS currency to be announced at the August summit, the vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, said that the creation of a common currency that would compete with the U.S. dollar is a medium to long term ambition. “No one is suggesting right now that BRICS will form an alternate currency,” he stated.
Do you agree with Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.
BRICS Gold-Backed Currency Will Benefit Iran, Weaken US Dollar, Iranian Official Says
An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official stressed.
Iran Will Benefit From Gold-Backed BRICS Currency, Official Says
Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, stated Sunday that a common BRICS currency backed by gold will benefit Iran and weaken the U.S. dollar, Press TV reported. The BRICS comprises Brazil, Russia, India, China, and South Africa.
The Iranian official’s remarks followed a report last week by Russian news outlet RT claiming that Russia has confirmed the creation of a gold-backed common currency within the BRICS framework. According to RT, this announcement is expected to be officially made during the upcoming leaders summit of the economic bloc scheduled for August.
“A tremendous change is taking place in the international economy,” Mousavi was quoted as saying. The official elaborated:
The BRICS’ introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase.
While Mousavi believes that a common BRICS currency backed by gold would benefit Iran and erode the dominance of the U.S. dollar, the economic bloc has not officially announced any plans to create such a currency.
Last week, Leslie Maasdorp, vice president and chief financial officer of New Development Bank, also known as the BRICS Bank, stated that the creation of BRICS currency as an alternative to the U.S. dollar is a medium to long-term aspiration.
Nonetheless, there is a prevailing belief that the establishment of a successful BRICS currency will diminish the dominance of the U.S. dollar. The BRICS economic bloc is also expanding its influence and is considering adding more members.
Do you think a common BRICS currency backed by gold will benefit Iran? Let us know in the comments section below.
BRICS Bank Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention
The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to introduce a gold-backed common currency, with an official announcement expected to be made during the forthcoming BRICS leaders’ summit.
‘Gold-Backed BRICS Currency’ Gains Attention
The subject of a common BRICS currency has gained significant attention as the BRICS leaders’ summit approaches and an increasing number of countries pursue de-dollarization. The BRICS comprises Brazil, Russia, India, China, and South Africa. Their leaders’ summit will take place in South Africa from Aug. 22 to 24.
On Tuesday, RT reported that the BRICS is set to introduce a new trading currency backed by gold which will be discussed at the August leaders’ summit. The news outlet cited a tweet by the Russian Embassy in Kenya made on Monday, stating: “The BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more counties recently express desire to join BRICS.”
The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.
More and more counties recently express desire to join BRICS.https://t.co/lMKTd4FlnT— Russian Embassy in Kenya/Посольство России в Кении (@russembkenya) July 3, 2023
RT’s coverage has sparked a wave of headlines suggesting that Russia has made an announcement regarding the establishment of a gold-backed common currency for the BRICS nations. However, the tweet by the Russian Embassy in Kenya links to an article published on April 24 discussing the BRICS potentially backing its common currency with gold. There is no indication of any new information about a common BRICS currency.
BRICS Bank’s Official Says Common Currency Is a Medium to Long-Term Ambition
Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, shared some information about the economic bloc’s common currency plan in an interview with Bloomberg on Wednesday. The New Development Bank was established by the BRICS nations to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.
He explained that while BRICS members are pushing for the use of national currencies, shifting away from the U.S. dollar, the BRICS does not have an immediate plan to create a common currency to challenge the dominance of the USD. Noting that the BRICS Bank has the U.S. dollar as its anchor currency, he described:
The development of anything alternative is indeed a medium to long-term ambition.
Some have suggested that the Chinese yuan could replace the U.S. dollar as the world’s dominant currency. While acknowledging that the yuan has been gaining traction as a trading currency, Maasdorp said that it is “a very long way from becoming a reserve currency.”
The BRICS Bank’s vice president concluded: “It’s going to take a very long time for currency movements to take shape so any discussion of alternate currencies is indeed a much more medium and longer-term aspiration.”
Maasdorp insisted, “No one is suggesting right now that BRICS will form an alternate currency,” emphasizing:
All we are suggesting is that we need to deepen the use of local currencies of our member countries and over time that is going to strengthen our ability to immunize or insulate our economies from the devaluation of our currencies if we borrow in dollars, for example. But, there is no suggestion right now to create a BRICS currency in that sense.
The remarks made by the BRICS Bank’s chief financial officer align with the statements made by India’s External Affairs Minister S. Jaishankar, who reportedly said earlier this week that there are no plans for a new BRICS currency. Instead, the focus remains on enhancing the respective national currencies within the BRICS framework.
Do you think the BRICS will introduce a common currency soon? Let us know in the comments section below.
Report: Zimbabwe Central Bank Begins Gold-Backed Digital Currency ‘Dry Run’
According to a report, the Reserve Bank of Zimbabwe has commenced trials, or the “dry run” test, for the viability of launching a gold-backed digital currency. Nelson Mupunga, the director of economic research at the central bank, reportedly said the digital currency will act as an alternative to foreign currency.
Local Residents’ Insatiable Demand for the Greenback
The Zimbabwean central bank has commenced a “dry run” to test the feasibility of issuing a gold-backed digital currency which is set to be used as a means of payment, a report has said. The digital currency, which will be accepted as legal tender for peer-to-peer transactions, is part of the Reserve Bank of Zimbabwe (RBZ)’s raft of measures which are aimed at stabilizing the local currency.
The latest revelation by the Zimbabwean central bank official comes just a few weeks after the RBZ initially announced plans to launch the P2P platform. As reported by Bitcoin.com News, the launch of the platform will make it possible for holders of digital gold tokens to trade them. John Mangudya, the RBZ governor, has in the past stated that the gold-backed tokens will help the country diminish its insatiable need for foreign currencies such as the U.S. dollar.
Gold-Backed Digital Currency as a Store of Value
According to Nelson Mupunga, the director of economic research and policy implementation for the RBZ, the digital currency will act as an alternative to the greenback and other foreign currencies.
“We are at an advanced stage; we are at the testing stage now. Soon, we will allow the gold digital token to be used for transaction purposes just like someone buys foreign currency from the parallel market. But at the same time, we can transact with. So, the token is coming and will satisfy the same function,” said the RBZ official.
The official also added that the central bank had chosen to launch the gold-backed digital currency after observing local residents’ practice of ditching the floundering local currency for the greenback. Therefore, instead of using the greenback to store value, residents in the inflation-hit country will be able to do this using gold-backed digital tokens.
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