Camomile Shumba Camomile Shumba is a CoinDesk regulatory reporter based in the
UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects. Follow @ camomileshumba on
Twitter The Reserve Bank of Zimbabwe (RBZ) invited individuals and financial institutions in the country to subscribe to its upcoming gold-backed digital token in a Thursday notice . Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions and corporates, according to the notice. RBZ announced in April that the tokens, meant to combat its volatile local currency , will be issued on May 8. In March, inflation in Zimbabwe stood at 87.6% after hitting a high of 285% in 2022 . The central bank has split up the issuance and usage of the token into two phases. In the first phase, tokens will be issued for investment purposes and available for sale through banks. Tokens will be held in digital wallets or cards and available for person-to-person and person-to-business transactions in the second phase, the notice said. "Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens," the bank said. Read more: Zimbabwe to Introduce Gold-Backed Digital Currency: Report Edited by Sandali Handagama. DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on
cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Camomile Shumba Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects. Follow @ camomileshumba on Twitter Learn more about Consensus 2024 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Camomile Shumba Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects. Follow @ camomileshumba on Twitter