Last week, the Reserve Bank of Zimbabwe confirmed the issuance of a gold-backed digital currency to provide investors with a platform to save, invest, and transact in gold. Thanks to fractionalization, people can acquire digital gold tokens for as little as US$10. The tokens will be issued this week and can be used for payments.
Zimbabwe’s central bank announced will start issuing a gold-backed digital currency to “expand the value-preserving instruments available in the economy, enhance divisibility of the investment instruments and widen their access and usage by the public”.
The offer allows purchasing digital tokens backed by physical gold from commercial banks, building societies, and the People’s Own Savings Bank. It is open to individuals, financial institutions, corporates, and other entities.
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