12 May Reserve Bank of Zimbabwe (RBZ) announced about 135 applications for a total amount of 14.07 billion ZWD (~$39M) to purchase gold-backed digital assets.
Tokens are sold at a price of $10 for individuals and $5,000 for corporations and other organizations. Such norms were established by RBZ before the sale.
The minimum holding period for tokens is 180 days, they can be stored in specially created wallets or cards.
A second round of sales is also planned, the bank will accept applications until May 18.
“Issuing digital tokens backed by gold is designed to preserve the economy and diversify investment opportunities, as well as provide appropriate tools to the public,” – declared RBZ head John Mangoudia.
The Zimbabwean authorities supported the sale of gold tokens, despite warnings from the International Monetary Fund (IMF). According to the post BloombergOn May 9, the organization pointed to risks to macroeconomics and financial stability. The IMF also noted possible legal and operational problems.
The country unveiled a plan to tokenize gold in April. According to the government, the assets are backed by 139.57 kg of the precious metal.
Recall that in December 2021, the Swiss crypto bank SEBA issued a gold-backed token that will allow 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!
12 May Reserve Bank of Zimbabwe (RBZ) announced about 135 applications for a total amount of 14.07 billion ZWD (~$39M) to purchase gold-backed digital assets.
Tokens are sold at a price of $10 for individuals and $5,000 for corporations and other organizations. Such norms were established by RBZ before the sale.
The minimum holding period for tokens is 180 days, they can be stored in specially created wallets or cards.
A second round of sales is also planned, the bank will accept applications until May 18.
“Issuing digital tokens backed by gold is designed to preserve the economy and diversify investment opportunities, as well as provide appropriate tools to the public,” – declared RBZ head John Mangoudia.
The Zimbabwean authorities supported the sale of gold tokens, despite warnings from the International Monetary Fund (IMF). According to the post BloombergOn May 9, the organization pointed to risks to macroeconomics and financial stability. The IMF also noted possible legal and operational problems.
The country unveiled a plan to tokenize gold in April. According to the government, the assets are backed by 139.57 kg of the precious metal.
Recall that in December 2021, the Swiss crypto bank SEBA issued a gold-backed token that will allow 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!
