Coinspeaker
Zimbabwe Central Bank Introduces Plan to Sell Gold-Backed Digital Tokens
In a notice on Thursday, May 4, the Reserve Bank of Zimbabwe (RBZ) invited financial institutions and individuals to subscribe to its upcoming gold-backed digital currency. As per the initial plans, the gold-backed digital tokens will be available to investors starting May 8.
The central bank also plans to sell these tokens at a minimum price of $10 for individuals and $5,000 for financial institutions and corporates. As per the Reserve Bank of Zimbabwe, this digital currency will be available in the USD and local currency. However, the local currency will have a 20% margin higher than the willing-buyer willing-seller interbank mid-rate.
For the past few years, Zimbabwe’s economy has been quite under stress amid the solid devaluation of its national currency. During the month of March, Zimbabwe reported inflation of 87.6% after hitting a high of 285% in 2022. As a result, its national currency has re
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