Reserve Bank of Zimbabwe – DIGIT INFO

Physical version of gold-backed token replaces Zimbabwe dollar

DIGIT — Tue, 30 Apr 2024 20:46:01 +0000

The country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than its issuance.

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Zimbabwe turns gold-backed digital token into payment method

DIGIT — Tue, 10 Oct 2023 09:30:17 +0000

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.

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Zimbabwe central bank close to introducing gold-backed digital tokens into retail

DIGIT — Mon, 14 Aug 2023 19:25:18 +0000

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.

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IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability

DIGIT — Thu, 11 May 2023 09:49:58 +0000

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 […]

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Zimbabwe sets price to sell gold-backed digital tokens

DIGIT — Fri, 05 May 2023 09:40:00 +0000

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

DIGIT — Sun, 30 Apr 2023 10:00:16 +0000

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 […]

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Report: Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar

DIGIT — Tue, 25 Apr 2023 06:30:30 +0000

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 […]

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Zimbabwe’s central bank to issue gold-backed digital currency: Report

DIGIT — Sun, 23 Apr 2023 17:54:43 +0000

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

DIGIT — Fri, 10 Feb 2023 05:30:16 +0000

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 […]

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Zimbabwean Central Bank Launches CBDC Consumer Survey

DIGIT — Fri, 11 Nov 2022 08:30:16 +0000

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 […]

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