Central Bank of Zimbabwe received 135 applications to buy the national digital currency.
Sales totaled $14.07 billion digital Zimbabwean dollars, which, at the current exchange rate of 362 ZWD to $1, is $38.9 million.
The minimum purchase amount was $10 for individuals and $5,000 for businesses.
Tokens cannot be sold earlier than 180 days, and they are stored in special wallets and cards called e-gold.
Launch of digital currency was one of the attempts to stabilize Zimbabwe’s economy. Local currency continues to fall in value compared to the U.S. dollar and other currencies.
Therefore, quite a massive effort was invested in the project – the government ensured the stability of the token with 140 kilograms of gold.
“The issuance of gold-backed digital tokens is designed to expand the number of value preservation instruments available in the economy, increase the divisibility of investment instruments, and make them more accessible to the public,” said John Mangudya, governor of the Central Bank of Zimbabwe.
The next round of token sales is planned in the near future. The deadline for applications is May 18.
Recall that the International Monetary Fund (IMF) opposes the launch of their own digital currencies, especially by emerging economies.
He warned Zimbabwe, El Salvador, and Islamic banks about the risks of digital currencies.