Share this article
BTC
$95,042.84
+
1.65%ETH
$1,801.39
+
2.13%USDT
$1.0008
+
0.04%XRP
$2.1928
-
0.46%BNB
$603.51
+
0.59%SOL
$150.95
-
0.17%USDC
$0.9998
-
0.00%DOGE
$0.1811
+
0.22%ADA
$0.7159
-
0.61%TRX
$0.2432
-
1.34%SUI
$3.5618
+
8.53%LINK
$15.02
+
0.41%AVAX
$22.31
+
0.49%XLM
$0.2844
+
1.83%HBAR
$0.1948
+
4.38%SHIB
$0.0₄1388
+
2.16%LEO
$8.8526
-
4.32%TON
$3.2275
+
1.73%BCH
$376.69
+
7.46%LTC
$86.39
+
3.43%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Zimbabwe Central Bank Wants Citizens to Subscribe to Its Gold-Backed Digital Currency
The Reserve Bank of Zimbabwe has said the tokens will be issued on May 8.
The Reserve Bank of Zimbabwe (RBZ) invited individuals and financial institutions in the country to subscribe to its upcoming gold-backed digital token in a Thursday notice.
Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions and corporates, according to the notice.
STORY CONTINUES BELOW
RBZ announced in April that the tokens, meant to combat its volatile local currency, will be issued on May 8. In March, inflation in Zimbabwe stood at 87.6% after hitting a high of 285% in 2022.
The central bank has split up the issuance and usage of the token into two phases. In the first phase, tokens will be issued for investment purposes and available for sale through banks. Tokens will be held in digital wallets or cards and available for person-to-person and person-to-business transactions in the second phase, the notice said.
"Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens," the bank said.
Read more: Zimbabwe to Introduce Gold-Backed Digital Currency: Report
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
