The tokens will be issued for investment purposes with a vesting period of 180 days and are redeemable in the same way as physical gold coins, the bank said. They will be available for sale through banks in both local and foreign currency, it added. (Reporting by Nyasha Chingono; Editing by Bhargav Acharya and Louise Heavens)
HARARE, April 28 (Reuters) - Zimbabwe's central bank
said on Friday it would introduce new gold-backed digital tokens
to be used as a means of payment and a store of value in a bid
to shore up local economy.
The announcement follows the release of gold coins last year
by the central bank, which are used by investors to hedge
against inflation and wars.
Soaring inflation in the southern African country has piled
pressure on Zimbabweans and the local currency, as the
Zimbabwean dollar continues to lose value against the greenback,
trading $1:$2000 on the parallel market.
The gold-backed digital tokens will be issued from May 8 and
will be fully supported by physical gold held by the central
bank, The Reserve Bank of Zimbabwe said in a statement.
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