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Cryptogambling / Zimbabwe Launches Gold-Backed Digital Token with Fixed Price

Zimbabwe Launches Gold-Backed Digital Token with Fixed Price

Publish Date: 08/05/2023

The Zimbabwe central bank has disclosed today that it would be setting a good price for its gold-backed digital tokens.

According to a statement released by the Researched Bank of Zimbabwe on May 4, the gold-backed digital currency is set to be sold in both U.S. dollars and local currency. Although the local currency is set at a 20% margin above the willing-buyer willing-seller interbank mid-rate.

The country is therefore willing to sell its gold-backed currency to investors starting from May 8.

Contrary to the local currency margin, the token will be sold at a minimum price of $ 10 for individuals and $ 5000 for corporates ad other entities.

The exchange rate at which banks are willing to buy and sell currencies to one another is known as the willing-buyer willing-seller interbank mid-rate. It is calculated based on current market conditions, such as supply and demand, and is regarded as the “midpoint” between the purchasing and selling rates. This rate is frequently used as a benchmark for exchange rates quoted by banks and other financial institutions. It also serves as a standard for many financial transactions.

On April 28, the Reserve Bank of Zimbabwe stated that it will launch a digital currency backed by gold that would be accepted as legal cash in the nation.

The adoption of digital tokens is the most recent action taken by the country of southern Africa to protect its own local currency, which, according to Bloomberg, has declined 37% versus the US dollar on the official market this year.

The Zimbabwean dollar, the official currency of Zimbabwe, is traded at 1,001 to the dollar but is typically exchanged for 1,750 in Harare, the nation’s capital, according to a Bloomberg report.

When was this Development Approved?

The Monetary Policy Committee approved the plan in March, eight months after Zimbabwe introduced gold coins as a store of value to help support the local unit.

What you need to know about Zimbabwe

For more than 10 years, Zimbabwe has struggled with severe currency volatility and high inflation rates. In 2009, following a period of hyperinflation, the nation switched to the US dollar. 2019 saw the return of the Zimbabwean dollar in an effort to boost the faltering economy. To counteract price increases, the government switched back to utilizing the U.S. dollar in 2022.

Nigeria became the first country in Africa to launch its own digital currency, the e-Naira, in 2021.

However, it is imperative to note that the G20 has been investing in the idea of addressing issues of debt distress and hyperinflation in smaller economies such as Sri Lanka and Ghana, by fostering cooperation amongst global economies.

Key Takeaway

  • Zimbabwe central bank sets to sell gold-plated digital tokens.
  • The Token is set at $10 for individuals, andΒ  $5000 for corporations.
  • Zimbabwe might also be benefiting from the G20 initiative.

Conclusion

Zimbabwe’s decision to set a fixed price to sell gold-backed digital tokens is a bold move that has the potential to positively impact the country’s economic growth. By leveraging its gold reserves to create a digital asset that can be easily traded and invested in, Zimbabwe is opening up new avenues for investment and entrepreneurship in the country.

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