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Wednesday, May 22, 2024

Minimum investment in gold-backed digital tokens set at US$10

Story by Owen Mandovha

INDIVIDUALS and companies will start buying gold-backed digital tokens from Monday next week as the RBZ sets conditions for transacting in the instruments.

Offers to purchase gold-backed digital tokens will open on the 8th of May next week and close on the 11th of May with a minimum investment amount set at US$10 for individuals and US$5 000 for corporates, financial institutions and entities.

In a statement released by the Reserve Bank of Zimbabwe this Thursday, the gold-backed digital tokens will have a prescribed and liquid asset status and can be used as collateral with a vesting period of 180 days and settlement can either be in local or foreign currency.

The central bank said the gold-backed digital tokens are priced in a similar way as gold coins and are issued to expand the value-preserving instruments available in the economy to enhance the divisibility of the investment instruments and widen their access and usage by the public.

The tokens will therefore perform the functions of saving, investing and transacting in gold.

The tokens are issued in terms of the provisions of section 7(d) of the Reserve Bank of Zimbabwe Act Chapter 22:15.

Application forms will be available from and submitted at RBZ, commercial banks, building societies and POSB from next Monday.

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