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Digital Gold Tokens To Enhance Financial Inclusion - Mangudya

1 year agoSun, 07 May 2023 07:58:25 GMT
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Digital Gold Tokens To Enhance Financial Inclusion - Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that the digital gold tokens will assist in stabilising the Zimbabwe dollar by acting as an alternative store of value and helping facilitate transactions for ordinary people.

The central bank is set to release the digital gold tokens on Monday, 08 May.

Speaking to The Sunday Mail, Mangudya said the decline in value of the local currency is being driven by “unlimited demand” for the US dollar.

He said the digital gold tokens will complement the Mosi-oa-Tunya gold coins in mopping up excess liquidity in the market. Mangudya said:

The tokens function in the same way as the physical gold coins and will work in parallel with the physical gold coins introduced last year to mop up excess liquidity, reduce demand for the US dollar as a store of value and stop the depreciation of the local currency.

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He said the digital tokens will be issued in milligrammes, and will be available for sale at banks in both foreign and local currency, with specific accounts such as e-gold wallets or e-gold cards for holding the assets. Added Mangudya:

The purpose is threefold, as it seeks to save, invest and be for transacting purposes, with one having the option to buy the digital gold coins in foreign currency or in local currency.

The digital gold tokens have the same characteristics as the physical gold coins; the vesting period of 180 days is the same and will act as a store of value, among other things.

However, the beauty of digital gold tokens is the issue of visibility and also in terms of financial inclusion.
Anyone can buy them. We are talking of 1000 milligramme which is valued at 6 cents.

There was an outcry on the exclusivity on gold coins, with some saying they can only be accessed by a few, so with digital gold tokens, they will be accessible to everyone.

Last week the RBZ said applications of tokens will be accessible from banks for a minimum of US$10 for individuals and US$5 000 for financial institutions, corporates and other entities.

Payment for digital tokens or physical gold coins in local currency shall be at a 20 percent margin above the willing-buyer, willing-seller interbank mid-rate.

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35 Comments

Anonymous · 1 year ago
A dunderhead will do a thing many times in the same way and expect different outcomes. Chakamanga ndo chakachenjedza. Wanyangira yaona. We know these tricks. You want to print valueless bond notes to buy US$, carry it in bags and hide it in offshore banks. We will store our wealth in pillow cases.
Anonymous · 1 year ago
Even photo accompanying this article inoratidza kuti musoro wako hausi kutora mushe. Kunge dzadambuka
Anonymous · 1 year ago
Walk your talk.We are all waiting for the day when you will tender your resignation.Kumwe kudzidza hakushandi.Ma degree ema thermometer.You think kuti vanhu vakapusa.Their preference for the US$ is set in stone.You live in cloud cuckoo land.How does this benefit vendors.Ko mai vangu vanorarama nekutengesa seven days kumusha.Iri basa harizi rako.Ita zvimwe zvaunogona.Gold mafia
ah soul eebert angel · 1 year ago
ah souls ! another scam from z a n u
Anonymous · 1 year ago
Magudya na na ed na cube maedza Swede this is time to say good buy we are not your creations .ncube has my money from his bank b l need it .time is reaching for me to take him court .you are all thieves
Kule Judah · 1 year ago
Saka makobiri e goridhe remumhepo ndiwo achagadzira zvakakonekwa ne goridhe rinobatika? Vazukuru vangu vaviri avo vava kuwanza mutoriro manje 🤣🤣🤣
zamunda · 1 year ago
Tokens ar gud a game changer, jus wait n c. Here comes bitcoins pa Zimbabwe 😎😎😎
· 1 year ago
Enda unonwa Chibuku Super wakanyarara
Shelton · 1 year ago
wow
they* · 1 year ago
.
Jah 🦓 Tsvarie-07 · 1 year ago
make those tokens our currency if the store value and do away with Rtgs$ and it's useless ZWL$...
Verbatim bulletin · 1 year ago
Look at SA rand ikozvino hapana kana notice but rangomuka rachinjwa ma notes nema coin saka ngatiti America does the same munozovechii kana musisina currency yenyu apa murikutonyengererwa zvenyu ne gold coin iri kuti muve be confidence nezvamuri mu embrace your local currency Ambuya nehanda makatadza ku apa chiremerero apa mosi oa tunya moda kuramba futi Muchazoveiko I'm surprised 🤨 twice 😲
Zimbology · 1 year ago
well said
.. · 1 year ago
Embracing failure is not an option. Only Ideeeeots embrace failure.
BROLY, THE LEGENDARY SUPER SAIYAN ⚡ · 1 year ago
I can't wait for the digital Gold coins
Bvu Bvu Bvumbururu yeNdege · 1 year ago
✈✈🍌🍌Mangudya is just trying to buy time for the elections, he knows that when CCC wins the USD will be the currency until a new Zim dollar is introduced. Tokens tokens hahahah its clear that the best thing to do is to give people USDs simple. Avo ndovanhu vakaoma musoro, Bond note rakapera when Mugabe was removed from power. Lets just be realistic, Mangudya uses the USD, the president has USDs in his pocket as if he is going to use them in a supermarket lol. Ngavati bvire apa. CHAMISA UCHATONGA HAKO #RESPECT!!!
V for Vegetta · 1 year ago
Haunzwe kunyara uchi advocater for a currncy isiri yenyu? Even CCC don't know anything about how to run the Zim dollar, all they talk about ma US. Muno makisa amana
Bvu Bvu Bvumbururu yeNdege · 1 year ago
✈✈🍌🍌Ooooh pliz dude, u actually use the USD yourself which Biti introduced back in 2008. U hate the bond notes hahaha. I said when CCC wins the USD will be dominant and then the local currency will return eventually. #RESPECT!!!
.. · 1 year ago
You cannot print the USD that is why the government does not like it. Digital is easy to print.
Anonymous · 1 year ago
same policies with a different name will bring the same results- failure
gidi · 1 year ago
vote for peace vote ZANU pf
ZANU for Vhayorenzi · 1 year ago
"Tichakusvasvangai..." "We wiru rushed you raiki raisi..." vakadaro vatungamiriri veZANU, Mboneni Ncube achibva auraiwa nepfumo.
V for Vegetta · 1 year ago
Vakadzidza vauya kwete zva X² nema octogenarian ake. Ma measures e RBZ anoshanda, problem is a country full of unpatriotic viruses especially those CCC individuals. The eastern world is fighting dollarisation. The yuan is increasing volume in cross border trade amdand internationally. That's a sign of a patriotic proud nation. Manje muno ma Zimba are hell bent on destroying theiir own currencies. Even if this fails, it's not on him it's on the **** Zimbabweans
· 1 year ago
Hokoyo neni Ukarwadziwa neni hakupere.
good fighter · 1 year ago
we as Zimbabweans we must learn to treat one another with respect.The likes of X² and company they think they have made it in life yet they are pindula animals vanotishaya chero kwekunopoacher wifi
CCC · 1 year ago
Gold coins failed... Gold tokens will fail... ... because Zimbabweans are not stu.pid. They will continue using real currency, the USDollar
thrasher · 1 year ago
the USD is not ours it bad for the economy we can't prosper using a currency we can't control
V for Vegetta · 1 year ago
@CCC, you lack pride, hanzi real currency icho chi fiat chino printerwa non-stop nema Americans. Saka chinozonzi chenyu chii. Positives of introducing the Zim dollar, the most important, was improvement in industry capacity utilization. Our shops now have more and more of Zim products. Mukuda kudzokera bback to a time where we imported everything- that's a sign yeku shaya pride as a nation. Haunyare kushandisa mari yeku America iwe uri mu Zimbabwe??
· 1 year ago
Nhai Vegetable une maBond maBond mangani muhomwe make izvozvi? ko maHUSA? I don't eat patriotism. Ndapedza newe.
. · 1 year ago
Sorry Vegetta, industry ipi yasara muZimbabwe? maZepe, chingwa nesugar hanti? Wall around the industrial sites and you will see ghosts in daylight.
V for Vegetta · 1 year ago
Hanty you're religious for nothing that's why. Muku replacer ma industry nema church. Vanhu stay in touch with news dze economics kwete kuswerera ma kuhwa
Biggie Smalls · 1 year ago
veggie if u went through the 2008 bearer/agro cheque debacle and the 2018 dedollarisation only to redollarise a year later after the Statutory Instrument backed weak currency flopped, i think u would understand where the uncertainty in the people comes from. but ofcourse being a blind follower i would not expect much from you
.... · 1 year ago
......hooo

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