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The Reserve Bank of Zimbabwe (RBZ) published the prices of the Mosi Oa Tunya Gold Coin and the Gold-backed Digital Token as of 23 May 2023.
The values provided represent the prices in different currencies US dollars, South African Rand, Botswana pula, British pounds, Australian dollars, Euros and Zimbabwean dollars.
One Ounce was being sold as follows:
<ul>
<li>US$2,068.82</li>
<li>ZAR39,832.76</li>
<li>BWP28,339.93</li>
<li>AUD3,113.34</li>
<li>GBP1,664.77</li>
<li>UER1,915.39</li>
<li>ZWL3,597,103.59</li>
</ul>
Half of an Ounce was sold as follows:
<ul>
<li>US$1,034.41</li>
<li>ZAR19,916.38</li>
<li>BWP14,169.97</li>
<li>AUD1,556.67</li>
<li>GBP832.39</li>
<li>EUR957.70</li>
<li>ZWL1,798,551.79</li>
</ul>
A quarter of an Ounce was sold as follows:
<ul>
<li>US$517.20</li>
<li>ZAR9,958.19</li>
<li>BWP7,084.98</li>
<li>AUD778.34</li>
<li>GBP416.19</li>
<li>EUR478.85</li>
<li>ZWL899,275.90</li>
</ul>
A tenth of an Ounce was sold as follows:
<ul>
<li>US$206.88</li>
<li>ZAR3,983.28</li>
<li>BWP2,833.99</li>
<li>AUD311.33</li>
<li>GBP166.48</li>
<li>EUR191.54</li>
<li>ZWL359,710.36</li>
</ul>
GOLD-BACKED DIGITAL TOKEN PRICE PER MILLIGRAM (MG)
<ul>
<li>US$0.0665</li>
<li>ZWL115.65</li>
</ul>

<ol>
<li><a href="https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/">Buying Gold-backed Digital Tokens: Here Is What You Need To Know</a> </li>
<li><a href="https://www.pindula.co.zw/2023/05/11/rbz-releases-mosi-oa-tunya-gold-backed-digital-token-and-coin-prices/">RBZ Releases Gold-backed Tokens And Mosi Oa Tunya Coin Prices – 10 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/17/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-17-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 17 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/22/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-22-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 22 May 2023</a></li>
</ol>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices - 23 May 2023

The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a> (RBZ) recently launched a gold-backed digital currency which will be <a href="https://news.pindula.co.zw/2023/04/28/rbz-to-introduce-gold-backed-digital-tokens-on-8-may/">introduced on the 8th of May</a>. The central bank said the value of the gold-backed currency is based on the current market price of gold and can be used for transactions just like any other type of currency.
In the modern era, money has taken various forms, including bank deposits, credit cards, and digital currencies such as Bitcoin. The <a class="MarkdownLink_linkifiedLink__KxC9G">gold standard</a>, where paper money was backed by gold reserves, was the dominant <a class="MarkdownLink_linkifiedLink__KxC9G">monetary system</a> until the mid-20th century when it was replaced by <a class="MarkdownLink_linkifiedLink__KxC9G">fiat currency</a>, which is not backed by any physical commodity. The gold standard was abandoned because it caused frequent changes in value, making it unpredictable. It also restricted governments from using flexible exchange rates, which limited their ability to implement measures like reducing unemployment during economic downturns.
The concept of money has evolved over thousands of years, with various forms of currency being used by different societies throughout history. In ancient times, bartering was a common method of exchange, where goods and services were traded for other goods and services. However, this system had limitations, as it relied on the coincidence of wants and needs between two parties.
The first known currency was created in <a class="MarkdownLink_linkifiedLink__KxC9G">ancient Mesopotamia</a> around 3200 BC, in the form of clay tablets used for accounting purposes. These tablets represented units of grain, which served as a medium of exchange.
Coins were first introduced in the 7th century BC by the <a class="MarkdownLink_linkifiedLink__KxC9G">Lydians</a>, an ancient civilization in what is now Turkey. These coins were made of gold, silver, and electrum, a natural alloy of gold and silver, and were stamped with images of animals and gods.
Paper money was first used in China during the <a class="MarkdownLink_linkifiedLink__KxC9G">Tang Dynasty</a> (618-907 AD), where merchants and traders used paper notes to represent the value of their goods and services. The use of <a class="MarkdownLink_linkifiedLink__KxC9G">paper money spread</a> to the Middle East and Europe, with the first European banknotes being issued in Sweden in 1661.
Today, money plays a crucial role in the global economy, facilitating trade and commerce and serving as a store of value. However, it is also a source of many economic and <a class="MarkdownLink_linkifiedLink__KxC9G">social problems</a>, including inflation, inequality, and <a class="MarkdownLink_linkifiedLink__KxC9G">financial instability</a>.
The RBZ claims that the gold-backed currency, and the <a href="https://zero.pindula.co.zw/rbz-releases-first-batch-of-the-2-000-mosi-oa-tunya-gold-coins-25-july-2022/">Mosi-oa-Tunya gold coins introduced on 25 July 2022</a>, will lower inflation and stabilise the economy and the local currency that was fast shedding value against the United States dollar.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

History Of Money: The Gold Standard Was Dominant System Until Mid-20th Century

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe/">Reserve Bank of Zimbabwe (RBZ)</a> has invited members of the public and companies to apply for gold-backed tokens. The central bank said the gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. 
In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix. In a statement seen by Pindula News, the apex bank said:
<blockquote>
The Reserve Bank of Zimbabwe (RBZ) hereby invites applications from Individuals, Financial Institutions, Corporates and Other Entities to subscribe for the issuance of RBZ GoldBacked Digital Tokens No.1/2023.
Applications for the RBZ Gold-Backed Digital Tokens must be for a minimum of US$10 for individuals and US$5,000 for financial institutions, corporates and other entities. Application forms are available from RBZ, Commercial Banks, Building Societies and the People’s Own Savings Bank (POSB).
Completed Application Forms should be submitted through Commercial Banks, Building Societies and the POSB. The application form and prospectus for the RBZ Gold-backed digital tokens are attached to this issuance note.
Features of the Gold-Backed Digital Tokens Issuer: Reserve Bank of Zimbabwe
Vesting Period: 180 days 
Purpose of Issue: To provide investors with a platform to save, invest and transact in gold 
Offer Opens: Monday, 8 May 2023 at 0800 hours 
Offer Closes: Wednesday, 10 May 2023 at 1 200 hours 
Payment: Thursday, 11 May 2023 
Issuance Date: Friday, 12 May 2023
Special Features
• Prescribed Asset Status &amp; Liquid Asset Status; 
• Acceptable as collateral and tradable; 
• Bearer instrument; 
• Settlement will be done in local or foreign currency. 
For further details, contact RBZ Dealers on +263242703000;
</blockquote>

<ul>
<li>Download: <a href="https://news.pindula.co.zw/wp-content/uploads/2023/05/Gold-Backed_Digital_Tokens_Prospectus_-_4_May_2023_1.pdf">Application form for Gold-Backed Digital_Tokens</a></li>
</ul>
The RBZ Gold-backed Digital Tokens are being issued to expand the value-preserving instruments available in the economy, enhance the divisibility of the investment instruments and widen their access and usage by the public.
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. The 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 settlement. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.
Government critics say the <a href="https://www.pindula.co.zw/2023/04/30/rbz-gold-backed-digital-currency-a-scam-opposition-leader/">gold-backed currency may be a scam.</a>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Invites Individuals, Companies To Apply For Gold-backed Digital Tokens

The <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> plans to introduce a <a href="https://www.pindula.co.zw/2023/04/24/rbz-introducing-new-currency-backed-by-gold-tokens">gold-backed digital currency</a>, but there are concerns that it may be a scam to deceive people. The governor of the RBZ, <a href="https://www.pindula.co.zw/John_Mangudya">John Mangudya</a>, stated that the currency would be launched in <a href="https://zero.pindula.co.zw/rbz-to-introduce-gold-backed-digital-tokens-on-8-may/">two phases starting on May 8, 2023</a>, and would be used for payment and as a store of value. However, the announcement has divided public opinion.
<a href="https://www.pindula.co.zw/Walter_Mzembi">Walter Mzembi</a>, a former Minister of Tourism and Hospitality, believes “this is the way to go!” In a Twitter post seen by Pindula News, the self-exiled former minister said:
<blockquote>
 May not make sense to many now but anything currency must begin to be anchored by our precious minerals, mined and stored and proven reserves. The return of the Gold Standard is imminent only this time it will be digital… If you follow the debate in the #BRICS even our own #AfCFTA you will understand where things are going globally.
</blockquote>
Zimbabwean politician <a href="https://www.pindula.co.zw/Zvaringeni_Samuel_Chasi">Zvaringeni Samuel Chasi</a>, leader of the opposition People’s Patriotic Party, however, thinks that the RBZ intends to scam people by introducing a gold-backed digital currency. He said:
<blockquote>
Introduction of Crypto Currency by #RBZ is a #PonziScheme and Fraudulent. Individuals, Pensioners, Companies, Investors, etc are being owed #Trillions diverted for personal use over past decades with no single arrest or compensation. Citizens are open to rather Trade on.
</blockquote>
Simon Musvosve also expressed similar concerns, calling for the stabilization of the local currency instead. He added that people’s trust in digital currencies is decreasing due to too much risk involved. He said:
<blockquote>
Give us the old, real, crispy dollar note-remember the ones Governors Moyana &amp; Tsumba signed- not ravaged by inflation. Otherwise, USD ngoma ndiyo-ndiyo. Simon Musvosve @Musvosve – I keep abreast with new developments. Without going into the geopolitics, I don’t think this will be a panacea for Zim’s currency woes. Our people need workable solutions now. The rest are lofty dreams.
</blockquote>
Economic blogger, Tinashe, Twitter handle Baba_nyenyedzi has also expressed worry about the RBZ’s plan, calling it a crazy move. In a Twitter post seen by Pindula News, he said:
<blockquote>
Gold-backed digital currency. The RBZ is again off the tracks with another crazy idea. If RBZ believes in backing currency with gold why not back their own issued currency ZWL with gold The PMR rate is now 1800 double the Jan rate in four months. Inflation spiralling out of control. Yet RBZ has “gold reserves” to back a digital currency. They should back ZWL with gold and the rate ( including inflation) will stabilize. Surely it’s simple enough.
</blockquote>
The gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. Banks will create dedicated accounts for holding the tokens. Physical gold coin holders can exchange them for digital tokens through the banking system.
In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Gold-backed Digital Currency A Scam - Opposition Leader

The <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> plans to introduce a <a href="https://www.pindula.co.zw/2023/04/24/rbz-introducing-new-currency-backed-by-gold-tokens">gold-backed digital currency</a>, but there are concerns that it may be a scam to deceive people. The governor of the RBZ, <a href="https://www.pindula.co.zw/John_Mangudya">John Mangudya</a>, stated that the currency would be launched in <a href="https://news.pindula.co.zw/2023/04/28/rbz-to-introduce-gold-backed-digital-tokens-on-8-may/">two phases starting on May 8, 2023</a>, and would be used for payment and as a store of value. However, the announcement has divided public opinion.
<a href="https://www.pindula.co.zw/Walter_Mzembi">Walter Mzembi</a>, a former Minister of Tourism and Hospitality, believes “this is the way to go!” In a Twitter post seen by Pindula News, the self-exiled former minister said:
<blockquote>
 May not make sense to many now but anything currency must begin to be anchored by our precious minerals, mined and stored and proven reserves. The return of the Gold Standard is imminent only this time it will be digital… If you follow the debate in the #BRICS even our own #AfCFTA you will understand where things are going globally.
</blockquote>
Zimbabwean politician <a href="https://www.pindula.co.zw/Zvaringeni_Samuel_Chasi">Zvaringeni Samuel Chasi</a>, leader of the opposition People’s Patriotic Party, however, thinks that the RBZ intends to scam people by introducing a gold-backed digital currency. He said:
<blockquote>
Introduction of Crypto Currency by #RBZ is a #PonziScheme and Fraudulent. Individuals, Pensioners, Companies, Investors, etc are being owed #Trillions diverted for personal use over past decades with no single arrest or compensation. Citizens are open to rather Trade on.
</blockquote>
Simon Musvosve also expressed similar concerns, calling for the stabilization of the local currency instead. He added that people’s trust in digital currencies is decreasing due to too much risk involved. He said:
<blockquote>
Give us the old, real, crispy dollar note-remember the ones Governors Moyana &amp; Tsumba signed- not ravaged by inflation. Otherwise, USD ngoma ndiyo-ndiyo. Simon Musvosve @Musvosve – I keep abreast with new developments. Without going into the geopolitics, I don’t think this will be a panacea for Zim’s currency woes. Our people need workable solutions now. The rest are lofty dreams.
</blockquote>
Economic blogger, Tinashe, Twitter handle Baba_nyenyedzi has also expressed worry about the RBZ’s plan, calling it a crazy move. In a Twitter post seen by Pindula News, he said:
<blockquote>
Gold-backed digital currency. The RBZ is again off the tracks with another crazy idea. If RBZ believes in backing currency with gold why not back their own issued currency ZWL with gold The PMR rate is now 1800 double the Jan rate in four months. Inflation spiralling out of control. Yet RBZ has “gold reserves” to back a digital currency. They should back ZWL with gold and the rate ( including inflation) will stabilize. Surely it’s simple enough.
</blockquote>
<a href="https://www.pindula.co.zw/Fadzayi_Mahere">Fadzayi Mahere</a>, the spokesperson for the <a class="Markdown_link__9ACHA MarkdownLink_linkifiedLink__KxC9G">opposition Citizens Coalition</a> for Change (CCC), has stated that the introduction of the gold-backed digital tokens goes against the <a class="Markdown_link__9ACHA MarkdownLink_linkifiedLink__KxC9G">Reserve Bank Act</a>. Mahere said on Twitter:
<blockquote>
“What kind of “Reserve Bank” introduces a new “digital currency” with absolutely no legal framework whatsoever? What are the rules? Who made them? This move is illegal and ultra vires the Constitution and the Reserve Bank Act. No wonder the Zimbabwean Dollar is crashing,” 
</blockquote>
The gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. Banks will create dedicated accounts for holding the tokens. Physical gold coin holders can exchange them for digital tokens through the banking system.
In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix.
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>

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