Zimbabwe is moving forward with the launch of its gold-backed digital currency.

 In April, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), announced plans to introduce a gold-backed digital currency to be used as legal tender in the country. The digital currency is set to complement the Mosi-oa-Tunya, fiat gold coins, which the country launched in 2022. With it, the country hopes to have more citizens buy into its gold industry and fight its currency devaluation and inflation which jumped to 285% in 2022.

The first phase: Last Thursday, the RBZ outlined plans for the implementation of the currency. In the first phase, which launches today, May 8, the tokens will be issued only for investment purposes and available through banks.

The bank has invited Zimbabwean citizens and businesses to subscribe to the token. Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions.

In the second phase—launch to be announced at a later date—users can hold the tokens in digital wallets and use them for peer-to-peer and other commercial transactions.

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