Zimbabwe’s central bank is preparing another sale of gold-backed digital tokens after shifting $14 billion Zimbabwe dollars worth of them last week.
of $10 for individuals and $5,000 for corporations and other entities. The minimum vesting period for the tokens is 180 days and they can be held in e-gold wallets or on e-gold cards.
The move is reportedly part of an effort to stabilize the country’s economy and the continued depreciation of the local currency against the greenback. A second round of digital token sales will be held and the bank has requested applications be submitted this week to be settled by May 18. According to local media, RBZ Governor Dr. John Mangudya“The issuance of the 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 move follows a caution from the International Monetary Fund against the African nation's plan for the gold-backed currency, arguing it should instead liberalize its foreign-exchange market, according to a May 9“A careful assessment should be conducted to ensure the benefits from this measure outweigh the costs and potential risks including, for instance, macroeconomic and financial stability risks, legal and operational risks, governance risks, cost of forgone FX reserves,” an IMF...
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