Central Bank Clarifies Gold-Backed Digital Currency Legalities... NewZimbabweCom: Zimbabwe
The Gold backed digital tokens are being issued with the objective to expand the value preserving instruments available in the economy, enhance divisibility and widen their access and usage by the public amid expectations that the Zim$ vitalities in the parallel market will be contained.
"The Gold Backed Digital Tokens are issued in terms of with the provisions of sec 7 of the RBZ Act which empowers the bank to buy, sell, discount or re-discount bills of exchange and promissory notes drawn or issued for commercial, industrial or agricultural purposes and Bills notes and other obligations issued by itself".
The central bank said the instruments will be available for sale, through banks, in both foreign and local currency while banks are expected to create dedicated accounts for the holding of the gold backed digital tokens known as e-gold wallets or e-gold cards.
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