{"id":81256,"date":"2023-07-29T17:15:41","date_gmt":"2023-07-29T15:15:41","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month"},"modified":"2023-07-29T20:34:30","modified_gmt":"2023-07-29T18:34:30","slug":"use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month","title":{"rendered":"Use Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Reserve Bank of Zimbabwe (RBZ) of Zimbabwe has said the gold-backed digital tokens will start operating as a medium of exchange for domestic transactions at the end of next month.<\/p>\n

The gold-backed digital tokens are Zimbabwe\u2019s own commodity-backed version of Central Bank digital currency (CBDC).<\/p>\n

Business Weekly reported RBZ governor, John Mangudya, as saying the gold-backed digital tokens were an investment product and will also be used for transaction purposes.<\/p>\n

They will be in units of milligrammes.<\/p>\n

A gramme of gold, which has a current average international spot price of US$63, is equivalent to 1 000 milligrammes.<\/p>\n

Mangudya said is the RBZ working with banks and formal retailers, among other stakeholders, in the integration of systems to be used for transacting using the gold-backed digital tokens. He said:<\/p>\n

The next stage now is to open bank accounts for those who have already purchased these tokens.<\/p>\n

Mangudya said the holders of the digital token will get swipe cards from banks, which they can use to transact with any registered trader like supermarkets. He said:<\/p>\n

They are going to complement the existing currency framework whereby, itself not being a (traditional) currency, but you can transact using that gold token and can keep it as a store of value…<\/p>\n

We are saying our CBDC, our central bank digital currency, is going to be on the basis of our gold.<\/p>\n

In other words, our CBDC is backed by gold. It means we cannot just have more tokens other than the equivalent of gold we are holding in store.<\/p>\n

If you look at cryptocurrency products; they are not currencies but an investment. So, this (gold-backed digital token) is an investment.<\/p>\n

But (by comparison) cryptocurrencies, in most cases, are not backed by anything.<\/p>\n

That is why they are not in the sphere of central banking; they (cryptocurrencies) are not regulated by central banks.<\/p>\n

Whereas for our gold, it is we (the central bank) who keep it. So, what we are saying is that we need a cryptocurrency of some nature called CBDC, which is backed by reserves.<\/p>\n

The reserves are either gold or foreign currency.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Reserve Bank of Zimbabwe (RBZ) of Zimbabwe has said the gold-backed digital tokens will start operating as a medium of exchange for domestic transactions at the end of next month. The gold-backed digital tokens are Zimbabwe\u2019s own commodity-backed version of Central Bank digital currency (CBDC). Business Weekly reported RBZ governor, John […]<\/p>\n","protected":false},"author":84,"featured_media":81255,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,14788,14645,19],"class_list":["post-81256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-digital-gold-tokens","tag-gold-tokens","tag-zimbabwe"],"yoast_head":"\nUse Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of Zimbabwe (RBZ) of Zimbabwe has said the gold-backed digital tokens will start operating as a medium ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Use Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Zimbabwe (RBZ) of Zimbabwe has said the gold-backed digital tokens will start operating as a medium ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-29T15:15:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-29T18:34:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690639303.347628.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"895\" \/>\n\t<meta property=\"og:image:height\" content=\"441\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Use Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month\",\"datePublished\":\"2023-07-29T15:15:41+00:00\",\"dateModified\":\"2023-07-29T18:34:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month\"},\"wordCount\":375,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690639303.347628.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Digital Gold Tokens\",\"Gold Tokens\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/use-of-rbz-digital-gold-tokens-for-transactions-set-to-start-in-a-month\",\"name\":\"Use Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month - 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