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Zimbabwe Central Bank Wants Citizens to Subscribe to Its Gold-Backed Digital Currency

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.ReserveBankZim has invited citizens, financial institutions and corporates in Zimbabwe to subscribe to its gold-backed digital token, which is set to be issued on Monday. camomileshumba reports

The central bank has split up the issuance and usage of the token into two phases. In the first phase, tokens will be issued for investment purposes and available for sale through banks. Tokens will be held in digital wallets or cards and available for person-to-person and person-to-business transactions in the second phase, the notice said.

"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," the bank said.

 

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