Zimbabwe to introduce gold-backed digital tokens on 8 May

The Reserve Bank of Zimbabwe will introduce gold-backed digital tokens which will serve as both a store of value as well as a means of payment on 8 May.

Tokens for investment purposes will have a vesting period of 180 days.

They can be purchased in either United States dollars or the local currency.

The central bank is trying to shore up the local currency which has dropped from $705.42 when the foreign currency auction resumed on 10 January to $1 0121.21 on 25 April.

The black market rate has plunged from $1 000 to $1 800 during the same period.

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