RBZ tokenized gold mops up ZW$5,24 bln
THE Reserve Bank of Zimbabwe’s (RBZ) latest tokenized gold sales have mopped up a whooping ZW$ 5, 24 billion.
Synonymously known as Zimbabwe Gold (ZiG) was launched in October 2023 following the successful issuance of physical gold-backed tokens in 2022. The digital tokens can be stored in either e-gold wallets or e-gold cards and are tradable for peer-to-peer and business transactions.
ZiG value is at par with the value of the physical Mosi-oa-Tunya gold coin and remains informed by the international gold price.
In a statement Tuesday, the RBZ revealed that a significant chunk of ZW$ was mopped up after the latest sales.
“The RBZ would like to notify the public of the results of the RBZ Gold Backed Digital tokens Issue No 22 /20/2024 held on Tuesday 27 February 2024. The bank received 12 applications valued at ZW$5,24 billion to purchase GBDT and the full amount was allotted,” the bank said.
Total Milligrams of gold purchased during the sales amounted to 4,86 kgs of gold and cumulatively a total of 736,5 kgs of equivalent gold has been purchased to date.
The southern African country now joins other African states like Nigeria, Ghana and South Africa that have introduced digital currencies, even as several others have plans in the works.
The ZiG introduction is part of a wider plan by the central bank to stabilise the country’s local unit, which has been faltering against the US dollar, by mopping up excess liquidity in the market.
