The platform will be launched as early as the end of June. As John Mangudya of the bank explained, the P2P platform will reduce local demand for the U.S. dollar, which will ultimately lead to the stability of the Zimbabwean dollar.<br
The Zimbabwean dollar will lose more than 40% of its value against the U.S. dollar in 2023. As the local currency is plummeting in value, demand for the U.S. dollar is increasing;
“The second phase of the rollout of digital gold tokens, which will allow transactions using digital currency backed by gold, will begin this month. We are currently testing the system before we launch,” Mangudia noted.
To date, the bank has reportedly sold 313.9 kilograms of gold-backed digital tokens. The document notes that the token “will be used as a means of payment and savings.”
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;
Incidentally, the Zimbabwe Bankers Association recently announced that the country’s banks will be able to offer credit products using the state’s newly issued digital currency backed by gold as collateral.<br