The Reserve Bank of Zimbabwe has finally revealed the prices of its gold-backed tokens for increased adoption by its citizens.
According to a press release, the gold-back digital tokens launched by the Reserve Bank of Zimbabwe would be available to be procured by individuals, businesses, and institutions from May 8.
According to the note, individuals would be able to buy the gold-backed tokens at $10, while the price set for other entities like building societies and commercial banks is set at $5000.
Regarding the vesting period and purpose of the gold-backed tokens, the central bank said, “The RBZ Gold-backed Digital Tokens are being issued to expand the value-preserving instruments available in the economy, enhance divisibility of the investment instruments and widen their access and usage by the public. The digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins.”
Further, the central bank mentioned that while the gold-backed tokens will be available to buy both through local currency and the US dollar, banks will be making specific provisions to hold the digital currency, such as e-gold wallets.
Meanwhile, the Reserve Bank of Zimbabwe will enable the gold-backed digital token to be traded or facilitate other P2P or P2B transactions and settlements, thereby increasing its use case as a payment means and a store of value.
The central bank also included other details for the tokens in the release, such as the specific dates for their issuance. While the application form closes on May 10, the digital currency issuance will occur on May 12.