RBZ Invites Individuals, Companies To Apply For Gold-backed Digital Tokens

The Reserve Bank of Zimbabwe (RBZ) has invited members of the public and companies to apply for gold-backed tokens. The central bank said the gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. 

In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix. In a statement seen by Pindula News, the apex bank said:

The Reserve Bank of Zimbabwe (RBZ) hereby invites applications from Individuals, Financial Institutions, Corporates and Other Entities to subscribe for the issuance of RBZ GoldBacked Digital Tokens No.1/2023.

Applications for the RBZ Gold-Backed Digital Tokens must be for a minimum of US$10 for individuals and US$5,000 for financial institutions, corporates and other entities. Application forms are available from RBZ, Commercial Banks, Building Societies and the People’s Own Savings Bank (POSB).

Completed Application Forms should be submitted through Commercial Banks, Building Societies and the POSB. The application form and prospectus for the RBZ Gold-backed digital tokens are attached to this issuance note.

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Features of the Gold-Backed Digital Tokens Issuer: Reserve Bank of Zimbabwe

Vesting Period: 180 days
Purpose of Issue: To provide investors with a platform to save, invest and transact in gold
Offer Opens: Monday, 8 May 2023 at 0800 hours
Offer Closes: Wednesday, 10 May 2023 at 1 200 hours
Payment: Thursday, 11 May 2023
Issuance Date: Friday, 12 May 2023

Special Features

• Prescribed Asset Status & Liquid Asset Status;
• Acceptable as collateral and tradable;
• Bearer instrument;
• Settlement will be done in local or foreign currency.
For further details, contact RBZ Dealers on +263242703000;

• Download: Application form for Gold-Backed Digital_Tokens

The RBZ Gold-backed Digital Tokens are being issued to expand the value-preserving instruments available in the economy, enhance the divisibility of the investment instruments and widen their access and usage by the public.

Banks will create dedicated or specific accounts for the holding of the gold-backed digital tokens (e-gold wallets or e-gold cards). 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 digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlement. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.

Government critics say the gold-backed currency may be a scam.

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