Zimbabwe to Launch Gold-Backed Digital Tokens: Get Yours Now!6. Mai 2023
• Zimbabwe is planning to launch its gold-backed digital currency tokens at a minimum price of $10 for individuals and $5,000 for corporations.
• The gold-backed tokens will be sold in U.S. dollars and local currency, with the local currency rate having a 20% margin above the willing-buyer willing-seller interbank mid-rate.
• The introduction of digital tokens is the latest move by Zimbabwe to support its own local currency, which has weakened 37% against the U.S. dollar this year on the official market.
Zimbabwe Launches Gold-Backed Digital Currency
Zimbabwe has been battling currency instability and high inflation rates for over ten years after a period of hyperinflation forced it to adopt the U.S. dollar in 2009 as its official currency. This year alone, its own local unit has weakened 37% against the U.S. dollar on the official market, according to Bloomberg data, and is commonly exchanged at 1,750 on Harare’s streets – over 70% more than its quoted rate of 1,001 against USD. In an attempt to revive their economy, Zimbabwe’s Monetary Policy Committee approved plans in March 2021 to introduce a gold-backed digital token as legal tender in the country.
The Reserve Bank of Zimbabwe announced that these tokens will be sold at a minimum price of $10 for individuals and $5,000 for corporations or other entities from May 8th until May 10th 2021 – with prices set in both U.S dollars and local currencies (the latter having a 20% margin above the willing buyer/willing seller interbank mid-rate).
How It Works
The willing buyer/willing seller interbank mid-rate refers to an exchange rate used as benchmark standard for many financial transactions – determined by prevailing market conditions such as supply and demand – often used as reference rate for exchange rates quoted by banks or financial institutions across markets internationally.
Digital tokens are expected to help bring stability back into Zimbabwean markets while providing investors with tangible assets they can trust – allowing them access to purchase goods & services while helping combat issues like money laundering & fraud that could potentially destabilize economies worldwide if left unchecked or unmonitored effectively within their borders or outside them alike; something especially important during times like these when global pandemics have caused economic shocks & uncertainty all around us!