Zimbabwe gold-backed digital tokens to sell for as little as US$10

Zimbabwe’s gold-backed digital tokens, which will be introduced on Monday, will sell for as little as US$10, making them handy for transactions.

The tokens will mainly serve as a store of value and will have a vesting period of 180 days, though they will also be used for transactions.

The tokens are meant to shore up the local currency which, in some cases, is selling at more than $2 000 to the United States dollar, though generally it is trading at $1 800 to the greenback.

According to a statement from the Reserve Bank of Zimbabwe offers will open on Monday, 8 May and close on Wednesday, 10 May at mid-day.

Payment will be done on Thursday, 11 May and the tokens will be issued the following day, 12 May.

Here is the full statement from the central bank:

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Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.