Reserve Bank of Zimbabwe (RBZ) marked the minimum purchase price for gold-backed digital assets is $10 for individuals and $5,000 for legal entities.
According to the authorities, sales will begin on May 8 and will last for two days.
The tokens will be traded against the US dollar and local currency. When bidding with ZWL the rate of the “gold crypto asset” will rise by 20% above the average interbank rate.
On April 24, RBZ announced plans to launch a digital currency backed by the precious metal. The asset is intended to become a new legal tender to stabilize the economy.
According to the head of the bank, ZWL volatility is forcing local residents to convert currency into foreign assets.
A year ago, one Zimbabwean dollar was equivalent to $150. According to the data Investing.comat the time of writing, the currency of an African country is 1079 times cheaper than the American one.
Zimbabwe has been struggling with high inflation for more than a decade. After the 2009 crisis, the country switched to the US dollar. In an attempt to revive the economy, the ZWL was reintroduced in 2019. However, the country’s government later returned to using the US currency to curb price increases.
Recall that in December 2021, the Swiss bank SEBA issued a gold-backed token that allows investors to own a digital form of the precious metal through a “fully regulated, cost-effective and forward-looking solution.”
In February 2022, Japanese trading firm Mitsui announced a gold-pegged stablecoin.
Later, US senators came up with a proposal to launch a Texas digital currency backed by the precious metal.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Reserve Bank of Zimbabwe (RBZ) marked the minimum purchase price for gold-backed digital assets is $10 for individuals and $5,000 for legal entities.
According to the authorities, sales will begin on May 8 and will last for two days.
The tokens will be traded against the US dollar and local currency. When bidding with ZWL the rate of the “gold crypto asset” will rise by 20% above the average interbank rate.
On April 24, RBZ announced plans to launch a digital currency backed by the precious metal. The asset is intended to become a new legal tender to stabilize the economy.
According to the head of the bank, ZWL volatility is forcing local residents to convert currency into foreign assets.
A year ago, one Zimbabwean dollar was equivalent to $150. According to the data Investing.comat the time of writing, the currency of an African country is 1079 times cheaper than the American one.
Zimbabwe has been struggling with high inflation for more than a decade. After the 2009 crisis, the country switched to the US dollar. In an attempt to revive the economy, the ZWL was reintroduced in 2019. However, the country’s government later returned to using the US currency to curb price increases.
Recall that in December 2021, the Swiss bank SEBA issued a gold-backed token that allows investors to own a digital form of the precious metal through a “fully regulated, cost-effective and forward-looking solution.”
In February 2022, Japanese trading firm Mitsui announced a gold-pegged stablecoin.
Later, US senators came up with a proposal to launch a Texas digital currency backed by the precious metal.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
