Reports have it that the Reserve Bank of Zimbabwe is edging closer to launching a peer-to-peer platform to push digital gold token transactions. According to the apex bank, the launch will decrease local demand for the country’s national currency.
The platform will be launched towards the end of June 2023. As explained by the RBZ governor, John Mangudya, the P2P platform will reduce local demand for the U.S. dollar, an action which will eventually drive stability for the Zimbabwean dollar.
Following some weeks after it launched its gold-backed digital currency, the central bank announced its latest digital gold token. According to the Zimbabwean bank, the token, “would be used both as a means of payment and a store of value.”
The report also has it that holders of the token will need to open “gold token” bank accounts that would get converted to a U.S. dollar-benchmarked value system. The tokens will also be added to the different currencies used as legal tender in Zimbabwe.
The reserve bank according to the report has sold 313.9 kilograms of gold-backed digital tokens to date, as the governor also mentioned that the P2P platform is presently undergoing some tests.
“The second phase of the rollout of the digital gold tokens, which will enable transacting using the gold-backed digital currency, will start this month, and we are currently testing the system before launch,” Mangudya noted.
According to the governor, the gold tokens’ value is linked to the London Bullion Market Association (LBMA) and will be saved in a gold card or an e-gold wallet.
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