The Reserve Bank of Zimbabwe first introduced its new project, in which every issued digital token would be backed by a physical amount of gold held in the bank’s reserves, in April 2023.
Category: Reserve Bank of Zimbabwe
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Zimbabwe central bank close to introducing gold-backed digital tokens into retail
Physical and digital gold tokens have been a big success as investments and an inflation hedge in Zimbabwe, which continues to face triple-digit inflation.
IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability
The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary […]Powered by WPeMatico
Zimbabwe sets price to sell gold-backed digital tokens
Zimbabwe’s central bank plans to sell gold-backed digital tokens at $10 for individuals and $5,000 for corporates.
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Zimbabwe’s De-Dollarization: Central Bank to Issue Gold-Backed Digital Currency in Early May
The Reserve Bank of Zimbabwe (RBZ) has said it will start issuing gold-backed digital tokens on May 8. The first phase of the launch will see the digital tokens being issued for “investment purposes with a vesting period of 180 days.” The RBZ also revealed that the gold-backed digital tokens “would be used both as […]Powered by WPeMatico
Report: Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar
The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is expected to help diminish local residents’ demand for the U.S. dollar. Taming High Demand for the US Dollar The Zimbabwean central bank has […]Powered by WPeMatico
Zimbabwe’s central bank to issue gold-backed digital currency: Report
The Reserve Bank of Zimbabwe plans to introduce a gold-backed digital currency as legal tender in a bid to stabilize its local currency.
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Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank
The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative […]Powered by WPeMatico
Zimbabwean Central Bank Launches CBDC Consumer Survey
The Zimbabwean central bank has said it is “conducting a CBDC [central bank digital currency] Consumer Survey to solicit opinions on the design and nature of the CBDC and its overall acceptance by the public.” The bank said the information obtained via this process will be “treated with the utmost confidentiality and the results will […]Powered by WPeMatico
Report: Zimbabwe Proceeding With Digital Currency Plans, Central Bank Undeterred By Slow Adoption of Nigerian CBDC
Undeterred by the reported slow adoption of the Nigerian central bank digital currency, the deputy governor of the Reserve Bank of Zimbabwe, Innocent Matshe recently said his institution will proceed with plans to launch its own digital currency. In addition to sending a team to learn from the Central Bank of Nigeria’s experiences, Zimbabwe has […]Powered by WPeMatico