Zimbabwe's Golden Token: how to Buy a Piece of Africa

Zimbabwe's Golden Token: how to Buy a Piece of Africa Despite an angry warning from the IMF, Zimbabwe still put up more than $14 million worth of gold-backed digital tokens for sale. This is the latest frantic attempt to save the national currency and at least slightly stabilize the economy.The country has been struggling with the wild volatility of the local dollar and unmanageable inflation for more than a decade. A year ago, one Zimbabwean dollar was equivalent to $150, today it is $1,190. Food inflation reached 285% in April. Since 2000, US and EU sanctions have been in effect against Zimbabwe. At the same time, Zimbabwe holds the eighth place in Africa in terms of gold production: last year a record was recorded - 35.38 tons.The Reserve Bank of Zimbabwe has introduced a gold-backed digital currency that serves as legal tender in the country. Tokens should help reduce domestic demand for US dollars and contain the fall of the national currency. Each token guarantees an exchange for 1 gram of gold. Special deposits and ordinary crypto wallets are opened for buyers.The token entered the market at a minimum price of $10 for individuals and $5,000 for corporations and other business representatives. The Zimbabwean government is ready to allocate 140-150 kg of gold reserves to ensure the first sale of its digital money. RBZ has already received 135 applications worth 14 billion ZWL (12 million USD) and the flow of participants is growing rapidly.So far, the market is testing this process before proceeding to convert ZWL's significant reserves into gold tokens. There is no strong positive for the national currency yet. The first auction took place on May 8-10 (official results have not been announced), and the second auction is scheduled for tomorrow.Let's see what happens.Profits to yall!#ForexChief #Token #Crypto #forexnews #stocks #worldnews #Market