Zimbabwe to start selling gold-backed digital currency on May 8
The asset will be available to both individuals and legal entities
05.05.2023 - 10:00
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What’s new? Reserve Bank of Zimbabwe (RBZ) has set a price for the digital currency backed by gold. The asset, introduced in April, will become legal tender within the country. The minimum value of tokens for individuals will be $10, while companies will be able to buy the new asset starting from $5000. Sales are scheduled to start on May 8 and will be available in both US dollars and local currency. When paying in Zimbabwean dollars (ZWL), the rate will be recalculated with a 20% margin over the average interbank rate, Bloomberg reports.
What else is known? The launch of the gold-backed digital currency is designed to support the country’s national currency, which has weakened 37% against the US dollar this year. The move signals Zimbabwe’s willingness to embrace technology to support its economy, attract foreign investment and stabilize the local currency.
The central bank divided the issuance and use of the token into two stages. In the first stage, tokens will be issued for investment purposes and available for sale through banks. In the second stage, storage on digital wallets or cards and transactions between people and businesses will become available. Owners of physical gold coins will be able to exchange or convert them through the banking system into gold-backed digital tokens at their discretion.
Africa’s high inflation rate has led to the region actively working to introduce central bank digital currencies (CBDCs). In October 2021, Nigeria launched the ENaira asset. This was followed by plans to launch a digital shilling in Tanzania. In April 2022, the CAR became the first state in Africa to legalize bitcoin as a legal tender, and in July the country launched its own national cryptocurrency, Sango Coin.
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