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Zimbabwe’s Finance Minister Mthuli Ncube stated that the country must regain access to credit lines before adopting the Zig as its sole currency. He emphasized the need to restructure $21 billion in debt, as Zimbabwe has been locked out of capital markets since 1999 due to defaulting on its debt. Clearing arrears would enable access … Read more
A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries like Zimbabwe escape debt cycles and discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth, … Read more
The Reserve Bank of Zimbabwe (RBZ) has denied claims that it intends to force recipients of U.S. dollar-denominated remittances to convert their funds into local currency. The central bank clarified that it has no plans to review its diaspora remittances policy. According to the RBZ, the market had misconstrued a video on social media in … Read more
The Zimbabwean government has formed a multi-stakeholder committee, tasked with consulting stakeholders in the cryptocurrency ecosystem. This committee, known as the National Risk Assessment Coordination Committee (NRACC), aims to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. It will also evaluate the risks associated with cryptocurrencies, such as their potential misuse for … Read more
The country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than its issuance. Go to Source
The Reserve Bank of Zimbabwe first introduced its new project, in which every issued digital token would be backed by a physical amount of gold held in the bank’s reserves, in April 2023. Go to Source
Physical and digital gold tokens have been a big success as investments and an inflation hedge in Zimbabwe, which continues to face triple-digit inflation. Go to Source
The Reserve Bank of Zimbabwe’s first gold-backed cryptocurrency sale has been a success. Go to Source Powered by WPeMatico
Zimbabwe’s central bank plans to sell gold-backed digital tokens at $10 for individuals and $5,000 for corporates. Go to Source Powered by WPeMatico
The Reserve Bank of Zimbabwe plans to introduce a gold-backed digital currency as legal tender in a bid to stabilize its local currency. Go to Source Powered by WPeMatico
