The digital money, the local central bank suggests, will eventually be used in everyday transactions.
“As digital token balances grow, banks have the ability to offer all products that are offered in Zimbabwe dollars and U.S. dollars,” the association said in an official statement.
Earlier, Zimbabwean authorities issued a digital currency backed by a gold reserve totaling 140 kilograms.
This despite a warning from the International Monetary Fund that such a policy could deplete reserves;
The central bank has already received 135 applications to buy gold-backed digital tokens worth a total of Zimbabwean $14 billion ($12 million).
The second auction was held on May 18. There tokens were sold for the equivalent of 71.6 kilograms of gold.
The Zimbabwean dollar lost more than 40% of its value against the U.S. dollar in 2023. As the local currency falls rapidly in value, the demand for the U.S. dollar increases.
The Reserve Bank of Zimbabwe (RBZ) explained its plans to launch the CBDC backed in gold by the need to stabilize the national currency.
The use of gold reserves, says RBZ manager Rjon Mangudiya, will deter the declining value of the Zimbabwe dollar, help fight inflation and reduce the demand for U.S. dollars.