Zimbabwe To Introduce Gold-backed Digital Currency
1 year agoSun, 23 Apr 2023 15:05:25 GMT
The Reserve Bank of Zimbabwe (RBZ) plans to introduce a gold-backed digital currency to be used as legal tender for transacting in the country to stabilise the Zimbabwe dollar from its continued depreciation against the United States dollar.
Digital gold tokens will be a form of electronic money backed by gold held at the RBZ.
RBZ Governor John Mangudya told The Sunday Mail that the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens to store value and hedge against currency volatility.
The RBZ is also considering releasing more Mosi-oa-Tunya gold coins onto the market to arrest the recent sharp depreciation of the Zimbabwe dollar on the parallel market. Said Mangudya:
What we have noticed is that demand for foreign currency, apart from being driven by the need to import goods and services in Zimbabwe, is also viewed as a store of value.
It means anyone with local currency would want to convert it to foreign currency.
We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.
We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.
Officially, the Zimbabwe dollar trades at ZWL$1 000.4 against the dollar but readily changes hands at Z$1 800 on the parallel market.
More: Pindula News
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55 Comments
Anonymous · 1 year ago
Nguva ya Neyero yakasodarika ko kumboedza Ana Chapman achiteedzerwa wo na Elizabeth Valerio tingobunha rutsva ka 1.aAva vema track records ekuhondo nekuma sanctions Vapera basa coz hakuchina uchavateera kana zvinyowan mazero bedzi
Brigadier General · 1 year ago
Ngaapinde Chamisa zviro zvinake
Anonymous · 1 year ago
🚮🚮🚮
Anonymous · 1 year ago
Haife yaka stabiliser currency when you guys are selling gold to individuals who are keeping money in Warehouses like goods. You guys are very selfish, you only think of yourselves and your families when you national leaders. Ngaapinde hake mukomana. Vote Chamisa vote currency stabilisation
𝗦𝗼𝗿𝗼𝗷𝗲𝗻𝗮 · 1 year ago
𝗡𝗲𝘃𝗲𝗿 𝘁𝗿𝘂𝘀𝘁 𝗥𝗕𝗭 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗳𝗼𝗿𝗲𝘅, 𝗮𝗹𝗹 𝘁𝗵𝗲𝘀𝗲 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝘁𝗼𝗸𝗲𝗻𝘀 𝗮𝗿𝗲 𝘀𝗶𝗺𝗽𝗹𝗲 𝘀𝗰𝗵𝗲𝗺𝗲𝘀 𝘁𝗼 𝗿𝗼𝗯 𝘆𝗼𝘂 𝗼𝘂𝘁 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗳𝗼𝗿𝗲𝘅. 𝗜𝘁𝘀 𝘀𝗮𝗳𝗲𝗿 𝘁𝗼 𝗸𝗲𝗲𝗽 𝘆𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆 𝗶𝗻 𝗳𝗼𝗿𝗲𝘅 𝗳𝗼𝗿𝗺 𝗮𝘁 𝗵𝗼𝗺𝗲 𝘁𝗵𝗮𝗻 𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝗶𝘁 𝗶𝗻 𝗮 𝗯𝗮𝗻𝗸 𝗶𝗻 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝘁𝗼𝗸𝗲𝗻 𝗳𝗼𝗿𝗺.
rtgs · 1 year ago
internal sabotage how can I invest my confidence in such a gvt which had such poor economic policy makers
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥 · 1 year ago
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
VOTE NELSON CHAMISA FOR PRESIDENT 🔥🔥🔥
Vote Nelson Chamisa for President · 1 year ago
Vote Nelson Chamisa for President
Vote Nelson Chamisa for President
Vote Nelson Chamisa for President
Vote Nelson Chamisa for President · 1 year ago
Vote Nelson Chamisa for President
Vote Nelson Chamisa for President
ndi ndadaro · 1 year ago
ko do di aka.
vamwe vari kutora gold racho as bricks vachiendesa Dubai
isu tonzi shandisai gpld re ecocash?
Friends of Job Wiwa Sikhala · 1 year ago
Vote Nelson Chamisa for President
Vote Nelson Chamisa for President
Vote Nelson Chamisa for President
CCC · 1 year ago
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
Vote Nelson Chamisa for President!
#KangeneSibiliUjaha · 1 year ago
Vote CCC
Vote CCC
Vote CCC
Vote CCC
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#NgaapindeHakeMukomana · 1 year ago
Vote CCC
Vote CCC
Vote CCC
Vote CCC
chigunduru · 1 year ago
Chamisa ngaatonge
Anonymous · 1 year ago
zimbabwe want to create its own crypto mmmm
Anonymous · 1 year ago
iroro re backing racho ndipei ndikuchengeterei paden
Moyo TT · 1 year ago
This is a smart move, if you look at world trends right now digital currencies are tsking over and this is one of the first if not the first in SADC.. vanhu vanovaka dzimba, vanotenga mota vanorarama from that digital currency alone and others still complain. Better we look at the possibilities bcse chero tikachema hapana kunoenda bond note.. ndirikutodawo kuita ma dhiri ne digital currency re gold iroro… ndotangawo gold mafia rangu
· 1 year ago
Nyika yedu yakanokorwa tsoka zvese zvavanoronga hazvishandi
Gafa · 1 year ago
gegegegegeeeeeeeeeeeee zvangu
Hokage · 1 year ago
I have to say that is a pretty smart move
....... · 1 year ago
Pity you not so smart
Hokage · 1 year ago
Give credit where its due, me I do I also think it's pretty cool they'll be building a new modern city in Mt Hampden, and the upgrade in RGM airport and Beitbridge are cool as well
Mmc · 1 year ago
Mbavha iya yatanga tomirira vaBiti vazoita zvinhu zvebasa kwete mahumbwe eZanu namangudya p****i
Jim Munkuli · 1 year ago
vote for change Chamisa chete chete CCC ❎
Patriot · 1 year ago
What an awesome policy
1
Anonymous · 1 year ago
Which policy @Patriot?
Hillbillies Auctioneers · 1 year ago
RBZ Governor must just resign idununu risina zvarinotomboziva, asi murikuti apa pane chimwe chisvinu chichabuda here apa
Jah 🦓 Tsvarie-07 · 1 year ago
Some companies stopped exporting when Mthuli started pocketing 40% leaving 60% for exporters...
Think Print 👣 (Pvt) Ltd · 1 year ago
matanga futi bhoo here vaMangundya zvemari hazvisi zvenyu bvuma kukundikana bamboo....
seer · 1 year ago
mozotiudza kana zvashanda
Anonymous · 1 year ago
Ko tadii tangobvisa zanu zvese zvima humbwe zvipere
Grandpa Rick · 1 year ago
Some say the devi you know is better that the one you don't. Then there is a saying that says change is inevitable.
Bottom line we need change we once saw great works during GNU meaning there is good leadership out there.
I just pray God will intervene and make us choose a worthy leader.
Just praying for peaceful elections
Anonymous · 1 year ago
I think you have lost it Mr Governor You keep lying to the President that things will be ok when you know that they won't be You said the Mosi-oa-Tunya gold coins were going to stabilise our currency but it looks like the opposite is actually prevailing You are now saying you want to introduce digital gold tokens and more Mosi-oa-tunya gold coins to 'arrest' the fast depreciating Zim dollar What games are you playing?
Anonymous · 1 year ago
We once backed Zim dollar with USD and everything went well until we found out that RBZ was busy printing more money which surpassed the USD reserves by more than 20 times them Rtgs started to lose value. The problem it's all talks. How, will we account the amount of gold backing up the currency?
It's public knowledge on how much gold reserves held by USA and other countries.
But in our country we know nothing even some things which are rendered public knowledge we don't et to know it cause you guys hide everything.
Transparency is the only way to go. Before we even go there let's first solve Gold Mafia issues and bring perpetrators to justice and also close on any illegal activities done by fidelity then we will know that what you are doing is genuine, we are sick and tired of being lied on and robbed by authorities instead of protecting us.
........ · 1 year ago
Well said. Another hairbrain idea that won't work. Businesses need USD to import not gold coins or digital gold.
This will not stop the Zim dollar losing value on a weekly basis.
Anonymous · 1 year ago
How do you achieve a middle income economy by 2030 (7 years from now) when you don't have electricity, and don't have a clue on generating more!!!
Grandpa Rick · 1 year ago
Vision 2030 is just a dream. The day they will work upd and smell the coffee that's when they will see that they project things and fail to follow the trajectory.
Zimbos we're used to being lied on and just accept to be fed lies.
Morty · 1 year ago
It's true
Ba Dee · 1 year ago
Gold mafia avo mavaona
Doug · 1 year ago
As long as those who have the powers to enable industry and commerce to be resuscitated so that products can be made to export and bring in foreign currency, with the local people employed and earning from their sweat, only the few with access to gold will live comfortably while the local currency continues to fall.
jfk · 1 year ago
why do you always cry for employment instead of employing yourself? unofa uchitambura ukamirira kuti hee varungu vachauya kuzotivhurira ma factory tigonorainira basa. haaa hama yangu ndezva 1940 zvaurikufunga DO IT YOURSELF HAPANA MUNHU ASINGAKWANISI KUITA SOMETHING IN LIFE IN AN HONEST WAY NEVER. TODAY IF THEY OPEN 1000 FACTORIES I WON'T GO THERE NEVER ZANUPF TAUGHT ME TO BE BOSS OF OWN AND I'M PROUD OF THAT. SHAME TAKING PRIDE IN SAYING TO A MAN LIKE YOURSELF GOOD MORNING SIR! SHAME
1
Anonymous · 1 year ago
@jfk.ndaitombo fungawo sekudaro way back ndichiri ku primary school grade 3 pupil.ndakazoti ndava mu grade 5 ndipo ndakaona kuva flawed kemufungo wekuti everyone must be an entrepreneur or an employer.simple logic told me it was just a fallacy in reality.ndkuto shamisika chaizvo kut muna 2023 at least 23yrs later mutorine murume mukuru ane ndebvu anotonzi baba nevamwe vana atorine mufungo wandikaita discard kareyo.
@jfk Ideeeeot · 1 year ago
Not everyone can be an employer, you need employees.
Just keep quiet so as not to embarrass yourself for your lack of intelligence.
@jfk · 1 year ago
Hakuna nyika isina mushandi wanzwa zvenyu zvekut mukaita kamusika kemagaka eminzwa makuona kunge mava mberi stereki
1Anonymous · 1 year ago
Ichokwadi ichocho
Mohammed Zaka ali · 1 year ago
Hazviko
· 1 year ago
Haa varume mface wamunot Mangudya i du zvi remagwavha chairo , arikutamba nehupenyu hwedu . Kana azvitadza ngaabve ipapo nevamwe vake vakamupinza basa
