De-dollarization: Zimbabwe Central bank to launch gold-backed digital currency for transactions & settlement
1 year, 10 months ago

De-dollarization: Zimbabwe Central bank to launch gold-backed digital currency for transactions & settlement

Firstpost  

Zimbabwe has become the latest country to dump dollar and has decided to issue gold-backed digital currency for “investment purposes with a vesting period of 180 days.” The country’s central bank has revealed that these tokens “would be used both as a means of payment and a store of value.” The Reserve Bank of Zimbabwe said it will launch gold-backed digital currency on 8 May. Zimbabwe’s de-dollarization strategy The implementation of gold-backed digital token will take place in two phases: 1 - focus on investment purposes 2 - facilitating transactions and settlements How will it work? Zimbabwe gold-backed digital token’s second phase After the second phase of the launch, gold-backed digital tokens held in e-gold wallets or e-gold cards will become easily tradable and it would facilitate Person-to-Person and Person-to-Business transactions and settlements. The Zimbabwe’s gold-backed digital tokens may also help attract foreign investors and promote economic growth.

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History of this topic

Gold: Why it shines
1 month, 2 weeks ago

Gold: Why it shines

Deccan Chronicle  

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Zimbabwe’s ZiG is the world’s newest currency and its latest attempt to resolve a money crisis
11 months ago

Zimbabwe’s ZiG is the world’s newest currency and its latest attempt to resolve a money crisis

Associated Press  

HARARE, Zimbabwe — Out with the Zimbabwe dollar, in with the ZiG. Share Share Copy Link copied Email Facebook X Reddit LinkedIn Pinterest Flipboard Print It’s the southern African country’s latest attempt to halt a long-running currency crisis underlining its persistent economic troubles. Share Share Copy Link copied Email Facebook X Reddit LinkedIn Pinterest Flipboard Print Email Facebook X Reddit …

‘Triple spending’: Zimbabweans bear cost of changing to new ZiG currency
11 months, 1 week ago

‘Triple spending’: Zimbabweans bear cost of changing to new ZiG currency

Al Jazeera  

Local businesses, transport and even government services are rejecting old notes despite the unavailability of new ZiG bills until the end of the month. On April 5, Zimbabwe’s central bank announced the new gold-backed currency, immediately implementing changes on digital platforms with local banks converting ZWL to ZiG amounts on their systems. Already the new currency is set for failure.” …

Zimbabwe's new gold-backed currency starts trading
11 months, 3 weeks ago

Zimbabwe's new gold-backed currency starts trading

China Daily  

HARARE -- Zimbabwe's gold-backed currency started trading on Monday following the announcement of the new currency by the central bank last Friday. "All share prices will now be denominated in ZiG, therefore the opening prices for the trading session effective April 8 will reflect the ZiG currency," said ZSE CEO Justin Bgoni in a statement. The introduction of the new …

Zimbabwe introduces new currency as depreciation and rising inflation stoke economic turmoil
11 months, 3 weeks ago

Zimbabwe introduces new currency as depreciation and rising inflation stoke economic turmoil

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Zimbabwe on Friday launched a …

Zimbabwe introduces new currency as depreciation and rising inflation stoke economic turmoil
11 months, 3 weeks ago

Zimbabwe introduces new currency as depreciation and rising inflation stoke economic turmoil

Associated Press  

HARARE, Zimbabwe — Zimbabwe on Friday launched a new currency to replace its previous one that in recent months has been battered by depreciation, and in some instances rejection by the population. Friday’s announcement is the latest of a cocktail of currency measures undertaken by the Zimbabwean government since the initial spectacular collapse of the Zimbabwe dollar in 2009. The …

Zimbabwe introduces new gold-backed currency to tackle inflation
11 months, 3 weeks ago

Zimbabwe introduces new gold-backed currency to tackle inflation

Al Jazeera  

Zimbabweans have 21 days to convert their old cash into new money, according to the central bank. Zimbabwe’s central bank has launched a new “structured currency” backed by gold, as it seeks to tackle sky-high inflation and stabilise the country’s long-floundering economy. The new currency – called Zim Gold – will be backed by foreign currencies, gold and precious minerals, …

Zimbabwe’s new gold-backed digital currency: All you need to know
1 year, 10 months ago

Zimbabwe’s new gold-backed digital currency: All you need to know

Al Jazeera  

Zimbabwe’s gold-backed digital currency comes a year after the country launched gold coins to stabilise its rapidly devaluing currency. The Zimbabwe gold-backed digital currency will be used as legal tender and a store of value alongside the Zimbabwean dollar and bond notes. It’s necessary but the gold coins also did not go far in solving the problems.” Former Finance Minister …

Zimbabwe plans to launch digital currency backed by gold
1 year, 11 months ago

Zimbabwe plans to launch digital currency backed by gold

Associated Press  

HARARE, Zimbabwe — Zimbabwe will launch a digital currency next month by introducing “tokens” that are backed by gold reserves and can be transferred between people and businesses as a form of payment, the country’s central bank said Friday. Trust in Zimbabwe’s currency is desperately low after people in 2008 had their savings wiped out by hyperinflation, which reached 5 …

Zimbabwe plans to launch digital currency backed by gold
1 year, 11 months ago

Zimbabwe plans to launch digital currency backed by gold

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Zimbabwe will launch a digital …

Zimbabweans hit by 257% inflation: Will gold coins help?
2 years, 7 months ago

Zimbabweans hit by 257% inflation: Will gold coins help?

Associated Press  

HARARE, Zimbabwe — After working as an overnight security guard at a church in Harare’s impoverished Mabvuku township, Jeffrey Carlos rushes home to help his wife fetch water to sell. The country’s central bank, the Reserve Bank of Zimbabwe, said that because the value of the one-ounce, 22-carat coins would be determined by the international price of gold they will …

Zimbabwe debuts gold coins as legal tender to stem inflation
2 years, 8 months ago

Zimbabwe debuts gold coins as legal tender to stem inflation

Associated Press  

HARARE, Zimbabwe — Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency. Internationally, gold coins are used in countries such as China, South Africa and Australia to hedge against inflation and as an investment opportunity, although they are not as widely used as …

Can the new Zimbabwean dollar relieve a chronic cash crunch?
5 years, 4 months ago

Can the new Zimbabwean dollar relieve a chronic cash crunch?

Al Jazeera  

Harare, Zimbabwe – Gason Mukuvadzi, a lanky man with boyish looks, sits behind a makeshift desk in Mbare’s Mupedzanhamo centre. Now, I dispense less than 10,000.” On Tuesday, Zimbabwe’s central bank initiated its latest measure designed to alleviate the country’s physical cash crunch, releasing into circulation a new generation of Zimbabwean dollar notes and coins – the first of a …

Zimbabwe outlaws use of US dollar and other foreign currencies
5 years, 9 months ago

Zimbabwe outlaws use of US dollar and other foreign currencies

Al Jazeera  

Move seen as bid to support fledgling new currency that’s been roiled by black market speculation. Harare, Zimbabwe – In a bid to defend its fledgeling new currency against black market speculation, Zimbabwe‘s Finance Minister Mthuli Ncube on Monday outlawed the use of the United States dollar and a host of other foreign currencies in local transactions. In 2009, Zimbabwe …

Shopping spree as Zimbabwe currency loses three zeroes
18 years, 7 months ago

Shopping spree as Zimbabwe currency loses three zeroes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Nervous Zimbabweans have gone on …

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