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RBZ To Introduce Gold-backed Digital Tokens On 8 May

1 year agoFri, 28 Apr 2023 11:55:23 GMT
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RBZ To Introduce Gold-backed Digital Tokens On 8 May

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has announced the introduction of gold-backed digital tokens to be used “both as a means of payment and a store of value.”

In a statement on Friday, Mangudya said the gold-backed digital tokens will be introduced in two phases, starting on 08 May 2023.

He said tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollars. Reads the statement:

Pursuant to the resolution of the Monetary Policy Committee (the MPC) on 28 March 2023 to complement the issuance of physical gold coins with gold-backed digital products, the Bank wishes to advise that it will be issuing gold-backed digital tokens with effect from 8 May 2023.

The gold-backed tokens will be fully backed by physical gold held by the Bank.

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As previously advised, the issuance of gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.

The issuance and usage of the gold-backed digital tokens shall be in two phases as follows:

  1. Phase 1: Gold-backed digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins. The tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollar. Banks will create dedicated or specific accounts for the holding of the gold-backed digital tokens (e-gold wallets or e-gold cards). Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens.
  2. Phase 2: The gold-backed digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating Person-to-Person (P2P) and Person-to- Business (P2B) transactions and settlements. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.

The Bank also advises that the pricing of the gold-backed digital tokens in foreign currency shall remain the same as the pricing model of the physical gold coins as informed or guided by the international gold price as determined by the London Bullion Market Association (LBMA) PM fix.

Payment for the gold-backed digital tokens or physical gold coins in Zimbabwe dollar shall remain at the current 20% margin above the willing-buyer willing-seller interbank mid- rate.

More: Pindula News

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52 Comments

Anonymous · 1 year ago
After reading all the non-constructive comments i turned to ChatGPT for an AI opinion. And this is what it had to say. While digital gold coins may sound like an attractive monetary policy for an underdeveloped nation, there are several factors to consider before concluding that it is a viable option. Firstly, gold is a relatively stable and valuable commodity, which could help stabilize the currency of an underdeveloped nation. However, it is important to note that managing a gold-backed currency system requires expertise in trading gold, which may be lacking in some underdeveloped nations. Secondly, the use of digital gold coins would require building the necessary infrastructures like a secure digital platform, access to the internet, and an efficient payment system. These infrastructures not only require significant investments but will also require a stable political environment, which is not always the case in underdeveloped nations. Additionally, underdeveloped nations rely largely on international trade to boost their economies, and the use of a digital gold coin could complicate such trade relations. It may also lead to a risk of capital flight as investors may lose confidence in the currency and economy. In conclusion, while digital gold coins may seem appealing, many factors determine their viability as a monetary policy. Therefore, underdeveloped nations should examine all available options before deciding to implement such policies.
Camfe · 1 year ago
Sound policy on paper, digital currencies is the future especially backed by Gold, Usd is not sustainable and its role as reserve currency is under threat, let's just build confidence n trust in our own currency
Anonymous · 1 year ago
Report 0 React #KangeneSibiliUjaha #NgaapindeHakeMukomana
Report 0 React #KangeneSibiliUjaha #NgaapindeHakeMukomana · 1 year ago
Report 0 React #KangeneSibiliUjaha #NgaapindeHakeMukomana
Zelensky 🇺🇦 · 1 year ago
Hapana hapana kubvira rinhi, ndaapinde hake shanduko
GG · 1 year ago
10+4=40🐒🙊🙈
Anonymous · 1 year ago
Blaz vakuvara ne zemho avo kubvavatukirira netsinga kudaro zviya mwedzi wapera Well almost saka its once in a while Ndovanoziva economics avo ngavamboreplacer Vana Mthuli 😂😂😂
mdp · 1 year ago
ukarwadziwa neni haupori utopora wava chando
**** · 1 year ago
rbz Yashayanyayahre
Boss veda · 1 year ago
@Ziggy na @Patrioric haaa vakaro.yiwa neakafa sure. Hapana kana chozikanwa navo vkomana ava vari 2. Basic economics havana kana. Imagine supporting such policies which have already proved that they wont work. Im Muthuli & Magudya should jst be shown the exit door.
Boss veda · 1 year ago
@Ziggy na @Patrioric haaa vakaro.yiwa neakafa sure. Hapana kana chozikanwa navo vkomana ava vari 2. Basic economics havana kana. Imagine supporting such policies which have already proved that they wont work. Im Muthuli & Magudya should jst be shown the exit door.
Anonymous · 1 year ago
Pamberi ne ZANU PF ✊✊ ..tatohwina 5million voted
Ziggy · 1 year ago
Izvo 😭😭😭😭chiii chimwe chatingada , chiiii???...chiiiiiiiiiiii? Chiii nhai mwana wezimbavwe, Kunaka kwe life kudai , kutapira kuti tapi tapi kunge shugar brown , munoziva kuti chii kusatenda uroyi , wakaona usingaone kunaka kwakaita Zimbabwe wotoziva kuti hadzimo njere urkunyanya kuterera properganda
Miss Jessica · 1 year ago
Uri dzungaigwa
Chiwaka nomore · 1 year ago
It will work it won't work
#KangeneSibiliUjaha #NgaapindeHakeMukomana · 1 year ago
#KangeneSibiliUjaha #NgaapindeHakeMukomana #NganjileMulombe #KangeneSibiliUjaha
Dark 🌑 Retribution Dark 🌑 · 1 year ago
The PROBLEM IS, THE MAJORITY OF PEOPLE IN ZIM DONT EVEN AFFORD TO BUY THE GOLD COINS, THE ORDINARY CITIZEN CANNOT!!! WHAT THEY ARE DOING HAS NO JUSTIFICATION
#NganjileMulombe #KangeneSibiliUjaha · 1 year ago
#NgaapindeHakeMukomana #NgaapindeHakeMukomana #NganjileMulombe #KangeneSibiliUjaha #N
#KangeneSibiliUjaha #NgaapindeHakeMukomana #N · 1 year ago
#NgaapindeHakeMukomana
#NgaapindeHakeMukomana · 1 year ago
#NgaapindeHakeMukomana #NgaapindeHakeMukomana #ng aapindeHakeMukomana #Ng
#NganjileMulombe #KangeneSibiliUjaha · 1 year ago
#NgaapindeHakeMukomana #NgaapindeHakeMukomana #ng aapindeHakeMukomana #Ng aapindeHakeMukomana
#NganjileMulombe #KangeneSibiliUjaha · 1 year ago
#NgaapindeHakeMukomana #NgaapindeHakeMukomana
#NgaapindeHakeMukomana · 1 year ago
#KangeneSibiliUjaha
Anonymous · 1 year ago
Nobody trusts the RBZ and with reason. The very gvt that issues the Zim dollars does not want it, even Mangundya doesn't trust the Zim dollar, iwe wozoudzwa kuti this currency is backed by some imaginary gold somewhere kuRBZ?
the agent · 1 year ago
kkkkk imaginary here wangu.. yeah you do have a point there we used to use USD and rands and it worked perfectly fine 5rand kombi to town everything was great you pay $1 you get your 5rand change gone are the days
Jim Munkuli · 1 year ago
we're tired of those tokens , vote for Chamisa CCC ❌
Kule Kule · 1 year ago
Goridhe vakaba vakapedza hapachina kana reku kacha kuita ma gold coins. Vazukuru ava soo 🤣🤣
sad emoji1
coni · 1 year ago
takanonanganisa Pana Chamisa ipapo ipapo vote wisely vote Chamisa
prince · 1 year ago
imi ndipindurei uko ndati mahu*re akachipa akuwanika kupi uye imarii per round
· 1 year ago
bvunza Mai vako kuti vamwe vavo vanowanika kupi
myself · 1 year ago
@prince,, kumba kwenyu akazara emahara.
Kule Kule · 1 year ago
Zviiko zvamotiitira izvi nhai vazukuru vangu Joe na Mthu. Maperegwa siyirai vane zivo nazvo zve vukonomiki. Handiti ndimi munoti zvoto zvine mazera, ichi hachizi choto chenyu
Patriot · 1 year ago
This is awesome. Zim dolar riya raisvorwa nema CCC rinenge rava ne value manje. Haa uyu anonzi Mangudya na Mthuli they are geniuses zve sure
@patriot · 1 year ago
wakaroiwa newakafa
Miss Jessica · 1 year ago
Ndezvek umama . Sei god coin ravo ratadza kudzikamisa value yeRTGS. Kambwal
CHAWABVUNZA · 1 year ago
RBZ Governor, John Mangudya and Professor Mthuli Ncube must find a permanent solution. [ DO NOT VOTE FOR ZANU PF GOLD MAFIA CRIMINALS ]. Gold - backed digital tokens are not going to stabilize the Zimbabwe dollar permanently. John Mangudya and Professor Mthuli Ncube have failed. [ VOTE CHAMISA CHETE CHETE FOR REAL CHANGE/SHANDUKO ]. Remember that these guys one and half years ago introduced gold coins which did not work. They must not take citizens for granted. They talk of stabilizing the Zim dollar with tobacco sales, but again tobacco sales are seasonal. They must just accept that our currency is now United States of America dollar. [ THE BUSH LAWYER4CCC ].
Grace Mugabe · 1 year ago
Haa Isu tangomirira hurumende ichabva KUDENGA..dzepasi dzazvikoniwa izvi...hapanawo ane phone tobvompfere denga here
Sadza Beans · 1 year ago
Nyama nyama mkorokoza hoye
Nehanda · 1 year ago
Gold mafia😂🤣😅
· 1 year ago
Zvese zvavari kuita kuzama kuda kutora ma us$ arimuvanhu
As I see it · 1 year ago
We have digital currency that was supposed to be 1:1 with the USD that failed so this digital token will also fail. You cannot get away from the USD. You need it to import goods that are needed.
Irene Phiri · 1 year ago
Rip mike tyson
He's dead?? · 1 year ago
He's Dead?
Who is Mike Tyson · 1 year ago
pj · 1 year ago
akafa kare uyo.

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