Zimbabwe Going Gold Standard with Advanced Financial Technology (Fintech)
The discussion of financial technology known as Fintech is on the rise in government administrations around the world. While many are still pondering the possibilities of trials and implementation, Zimbabwe is taking up the mantle and run with the technology. Zimbabwe is now the first country to sign an agreement with Apollo Fintech to host a Gold Standard Currency on its blockchain.
Based on financial history, beginning around 600 B.C. in Lydia, gold was the best accessible and precious mineral people preferred to use for trading. Some forty years later, gold coins were created, and countries began publicizing their wealth based on the amount of gold they reserved. In those days, when a country had gold, it had wealth, and it had many seats at the world table. However, years later, that faded away due to the printing of currencies when countries experienced economic hardship, which eventually leads to hyperinflation.
Today, the Zimbabwean government is determined to stabilize its economy, eradicate poverty, attract foreign investors, and elevate their global economic standards. They are, therefore, turning to financial technology, which has proven to provide the necessary solutions they seek. Zimbabwe will be the first nation to use a Gold Standard Currency on a blockchain (Apollo Fintech blockchain).
Investopedia says, “The gold standard is a monetary system where a country’s currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold.”
What we know about Zimbabwe is not what you’ll often hear in the media. This African country is one of the wealthiest in the world, and it will rise to its rightful place when the right policies and technology are in place.
An Allafrica.com article stated, “Zimbabwe has the second largest gold reserves per square kilometre in the whole world with 13 million tonnes of proven reserves of which only 580 tonnes have been exploited since 1980, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya said yesterday.”
A country very rich, yet very poor and in debt? One would expect it to be the other way around. It is the beginning of a bold and uncommon step, but it the best alternative when all other options are exhausted and proved to be invaluable. In choosing Apollo Fintech as their partners in such a difficult time, Zimbabwe made the right choice.
Apollo Fintech’s website says, “Our tailored government solutions have the capability to transform the way governments operate. Instances of violent crime, tax evasion, and fraud are just a few problems that can be instantly eradicated by implementing our cutting-edge solutions. The fact that there can be little to no cost for governments to operate, and the potential to increase internal revenue by up to 1000%, it’s easy to see why Apollo Fintech is the new global standard of financial innovation. All solutions offer 100% database uptime, military-grade security, and operates on the fastest network in the industry.”
Apollo has its own blockchain, exchanges, and many more products and features to encompass and provide solutions to any entity. Due to this unprecedented step by the Zimbabwean government, the future of this wealthy nation could not have a better outlook.