Coinspeaker
Reserve Bank of Zimbabwe Defies IMF’s Warning, Sells $39M Worth of Gold-backed Digital Tokens
The Reserve Bank of Zimbabwe has dammed any potential consequences by selling 14 billion Zimbabwean dollars ($39 million) worth of gold-backed digital tokens. That is despite an earlier warning it received from the International Monetary Fund (IMF) not to go ahead with the plans. At the time, the International body cautioned about the potential risks of the plan, suggesting that Zimbabwe would be better off liberalizing its foreign exchange market.
As of May 12, the apex bank of Zimbabwe confirmed that it received 135 applications for the gold-backed cryptocurrency. The Friday announcement also noted that, cumulatively, it made a total of 14.07 billion Zimbabwean dollars from the sale.
Recall that Zimbabwe first introduced the crypto tokens last month, noting that they are backed by 139.57 kilograms of gold. It then kicked off the sale on May 8 and allowed it to run through May 1
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