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Digital Gold Tokens Working Well - Mangudya

1 year agoSun, 14 May 2023 04:30:45 GMT
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Digital Gold Tokens Working Well - Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that gold-backed digital tokens that were introduced last week are working well as 140 kilogrammes of the tokens valued at more than ZWL$14 billion were taken up by the market.

The central bank says it has sold 31 866 Mosi-oa-Tunya gold coins since their introduction last year for ZWL$25.8 billion.

Mangudya told The Sunday Mail that the huge demand for gold coins and digital tokens could help remove excess liquidity and stabilise the Zimbabwe dollar. He said:

The purpose of digital gold tokens, just like the physical gold coins, is to store value, act as an investment tool and mop up excess liquidity from the market.

The reason the parallel market exchange rate goes up is that we are a dual-currency economy.

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In a dual-currency economy, where there is a local currency and the US dollar, many will obviously find the US dollar as the most attractive.

By providing digital gold tokens, we are saying do not go to the parallel market, but store value in the coins and tokens, which are known worldwide as a store of value.

Therefore, it is working very well, because the demand for the gold coins is higher than the supply, while the electronic version is actually working very well.

About $14 billion was used to purchase digital gold tokens.

That money could have gone into the parallel market but was not channeled there and was used to buy digital gold tokens. So, it is working.

The gold tokens are being introduced in two phases.

The first phase entails issuing gold tokens with a vesting period of 180 days for investment purposes.

The second phase involves issuing gold-backed digital tokens held in either e-gold wallets or e-gold cards being tradable and capable of facilitating person-to-person transactions.

More: Pindula News

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11 Comments

Mohammed Zaka ali · 1 year ago
I will never ever vote for magandanga never ndakavhota pakakwana tired of povety ndatove nezvindi zvekuswera ndisina dhora muhomwe
Nimrod · 1 year ago
You owe us a resignation Mr RBZ governor. Some years ago you said..if the Zim dollar would loose it's $1:$1 value,versus the us$ you would resign. In case you don't know: lt's $2500 zim$ to one greenback on the parallel market
Kule Kule · 1 year ago
Iwe Panoshupa, siya guka muzukuru wangu.
doug · 1 year ago
With just a few days in existence we are being told that the digital coins are a success! How long did it take to monitor and evaluate these before coming out with the verdict? Is that how long it should take for a whole country to review such an important process? There are short term plans and long term plans and, if we conclude as such, it means the bank only wanted to sell the coins like buns, as noone who sells buns followup to see what the consumer did with the bun, whether they enjoyed it or gave it to the dog!
SC · 1 year ago
kkkkkkkk kanguva ikaka?
pj · 1 year ago
John once said that if the $zw failed he will resign and we are still waiting for that
zvigure · 1 year ago
They are working well kwamuri imi mine Mari isu Mari yacho yekutenga food chaiyo hatina tozowana ye token but pama elections apa takatokumirirai matoken enyu iwaya ndiwo achakuendesai kumba we can't vote for poverty for another five years tichingozi tocken , today's rate we are tired of this nonsense . Mazanu pf tese let's vote for Change . Tinofa nenzara nezvimadhara izvi .
Ziggy · 1 year ago
chenji chenji , kuchinjeyi? Zimbabwe nekunaka kwayaita , chii chimwe chaungade ? Vamwe vopihwa minda nema tietoe deeds , mazambiya nema fetireza , iro rice kuwanda kwaro , kisimusi yakarongeka ,Votera ZANU PF iwe rombe , nekuti ndiyo irikuitika kuti Zimbabwe inake .
youth ganyavhu · 1 year ago
haa iwee uri **** chaiyo kkk kufarira kupihwa zambiya kunge n'anga. Vana vangani vasiri kushanda guta usafarise chete.

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