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Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has announced the introduction of gold-backed digital tokens to be used “both as a means of payment and a store of value.”
In a statement on Friday, Mangudya said the gold-backed digital tokens will be introduced in two phases, starting on 08 May 2023.
He said tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollars. Reads the statement:
<blockquote>
Pursuant to the resolution of the Monetary Policy Committee (the MPC) on 28 March 2023 to complement the issuance of physical gold coins with gold-backed digital products, the Bank wishes to advise that it will be issuing gold-backed digital tokens with effect from 8 May 2023.
The gold-backed tokens will be fully backed by physical gold held by the Bank.
As previously advised, the issuance of gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.
The issuance and usage of the gold-backed digital tokens shall be in two phases as follows:
<ol>
<li>Phase 1: Gold-backed digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins. The tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollar. 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.</li>
<li>Phase 2: The gold-backed 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 settlements. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.</li>
</ol>
The Bank also advises that the pricing of the gold-backed digital tokens in foreign currency shall remain the same as the pricing model of the physical gold coins as informed or guided by the international gold price as determined by the London Bullion Market Association (LBMA) PM fix.
Payment for the gold-backed digital tokens or physical gold coins in Zimbabwe dollar shall remain at the current 20% margin above the willing-buyer willing-seller interbank mid- rate.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

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RBZ To Introduce Gold-backed Digital Tokens On 8 May

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that the gold-backed digital token set to be introduced in the coming weeks will act as a store of value and will also be used for transactions.
Speaking in an interview with <a href="https://www.herald.co.zw/rbz-gold-digital-tokens-to-hit-market-next-month/">The Herald</a> on Thursday, Mangudya said the introduction of the gold-backed digital token is expected to suck excess liquidity from the market and stabilise the Zimbabwe dollar which has been in free-fall on the parallel market. Said Mangudya:
<blockquote>
Inflation, which has also declined in US dollar terms, is expected to further decline, so the outlook is very good.
Going forward, inflation will continue to decline due to stabilising local currency, as the RBZ expects to introduce gold-backed digital tokens.
The gold-backed digital token will act as a store of value, and secondly, they can be used for transactions.
By doing so, this will mop up all the excess liquidity in the market, and stabilise the currency.
</blockquote>
The latest statistics from Zimbabwe National Statistics Agency (ZimStat) show that annual inflation declined by 12.4 percentage points to 75.2 percent in April 2023.
However, on a monthly basis, consumer prices increased by 2.4 percent in April, the most in six months, after decreasing by 0.1 percent in the prior month.
Zimbabwe’s annual inflation climbed to a two-year high of 284.94 percent last year while the monthly rate peaked at 30.2.
Since the beginning of 2023, ZIMSTAT has been measuring inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
Previously the rate of inflation was based only on items in Zimbabwean dollars.
Last month, <a href="https://zero.pindula.co.zw/blended-inflation-rate-is-pure-undiluted-heresy-biti/">former Finance Minister Tendai Biti the government to measure inflation using a weighted average</a> of items priced in Zimbabwean dollars and United States dollars is insincere and an attempt to conceal rising inflation. He said:
<blockquote>
Inflation is the measure of the price movement of a good over a period of time. Any good has one price so the blend rate is pure undiluted heresy and is a disingenuous attempt to muddle the ever-rising rate of inflation.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Digital Currency To Stabilise Zimbabwe Dollar - Mangudya

The Reserve Bank of Zimbabwe (RBZ) plans to introduce a gold-backed digital currency to be used as legal tender for transacting in the country to stabilise the Zimbabwe dollar from its continued depreciation against the United States dollar.
Digital gold tokens will be a form of electronic money backed by gold held at the RBZ.
RBZ Governor John Mangudya told <a href="https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency">The Sunday Mail</a> that the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens to store value and hedge against currency volatility.
The RBZ is also considering releasing more Mosi-oa-Tunya gold coins onto the market to arrest the recent sharp depreciation of the Zimbabwe dollar on the parallel market. Said Mangudya:
<blockquote>
What we have noticed is that demand for foreign currency, apart from being driven by the need to import goods and services in Zimbabwe, is also viewed as a store of value.
It means anyone with local currency would want to convert it to foreign currency.
We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.
We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.
</blockquote>
Officially, the Zimbabwe dollar trades at ZWL$1 000.4 against the dollar but readily changes hands at Z$1 800 on the parallel market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe To Introduce Gold-backed Digital Currency

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