Hey there! I hope you enjoyed your weekend.
The Reserve Bank of Zimbabwe's made an interesting move. They recently invited individuals and financial institutions in the country to subscribe to their upcoming gold-backed digital token. This is to combat the volatile local currency and to provide a more stable investment option.
According to the notice, applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions and corporates. The tokens are set to be issued on May 8 and will be split up into two phases.
During the first phase, tokens will be issued for investment purposes and available for sale through banks. Then, in the second phase, the tokens will be held in digital wallets or cards and available for person-to-person and person-to-business transactions.
If you're someone who holds physical gold coins, you'll be able to exchange or convert them into gold-backed digital tokens through the banking system at your discretion.
It's a pretty interesting move by the central bank, especially considering that inflation in Zimbabwe stood at 87.6% in March. It's great to see them taking steps to combat this and provide more stability for investors.
Join our Discord Server to be part of the conversation we'd like to here from you.
Commenti