The Reserve Bank of Zimbabwe said the tokens will be released on May 8.
The Reserve Bank of Zimbabwe (RBZ) has urged individuals and financial institutions in the country to sign up for its upcoming gold-backed digital token in an announcement on Thursday .
The RBZ announced in April that the tokens, aimed at combating the volatility of the local currency, will be released on May 8.
In March, inflation in Zimbabwe stood at 87.6% after reaching a high of 285% in 2022 .
The central bank has divided the issuance and use of tokens into two phases. In the first phase, tokens will be issued for investment purposes and available for sale through banks.
The message says the tokens will be traded in the second phase.
“The holders of physical gold coins, will be able to exchange or convert, through the banking system, physical gold coins into a gold-backed digital token,” the bank said .