Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Public money, private plans: MPs demand Post Office transparency

      13 June 2025

      Coal to cash: South Africa gets major boost for energy shift

      13 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      10 red flags for Apple investors

      13 June 2025
    • World

      Yahoo tries to make its mail service relevant again

      13 June 2025

      Qualcomm shows off new chip for AI smart glasses

      11 June 2025

      Trump tariffs to dim 2025 smartphone shipments

      4 June 2025

      Shrimp Jesus and the AI ad invasion

      4 June 2025

      Apple slams EU rules as ‘flawed and costly’ in major legal pushback

      2 June 2025
    • In-depth

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025

      South Africa unveils big state digital reform programme

      12 May 2025

      Is this the end of Google Search as we know it?

      12 May 2025
    • TCS

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025

      TCS | Sentiv, and the story behind the buyout of Altron Nexus

      3 June 2025

      TCS | Signal restored: Unpacking the Blue Label and Cell C turnaround

      28 May 2025
    • Opinion

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025

      Digital giants boost South African news media – and get blamed for it

      29 May 2025

      Solar panic? The truth about SSEG, fines and municipal rules

      14 April 2025

      Data protection must be crypto industry’s top priority

      9 April 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » Zimbabwe’s digital currency plan needs R1.8-billion of gold

    Zimbabwe’s digital currency plan needs R1.8-billion of gold

    Zimbabwe needs $100-million of gold to kick-start its proposed bullion-backed digital currency.
    By Agency Staff25 April 2023
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Zimbabwe needs US$100-million (R1.8-billion) of gold to kick-start its proposed bullion-backed digital currency, as the Southern African nation makes another attempt to stabilise its floundering dollar.

    The central bank will rely on gold reserves, which it has been accumulating, to support the initiative and stem the local currency’s volatility, according to Persistence Gwanyanya, a member of the central bank’s monetary policy committee.

    “Any amount around or less than $100-million will be able to deal with our challenge in a big way,” Gwanyanya said in an interview by phone on Monday from the capital, Harare. “We expect the central bank to bring a respectable quantity that can stabilise the Zimbabwe dollar and boost demand.”

    We expect the central bank to bring a respectable quantity that can stabilise the Zimbabwe dollar

    Zimbabwe has been struggling to stem a decline in the currency in the nation where the US dollar is the unit of choice. The central bank has been building gold reserves as well as acquiring other precious minerals since the introduction of a policy last year that compels miners to pay part of their royalties in cash and metal. It’s banking on the stash to help it with the latest plan.

    State-owned media reported earlier this month that the country had 350kg of gold in reserves, citing John Mangudya, the central bank governor.

    Zimbabwe targets a 14% increase in gold production to 40t this year. It earned $377-million from gold production in the first quarter compared to $463-million a year ago, according to data provided by Fidelity Gold Refineries, the nation’s sole refinery.

    The plan for a gold-backed digital currency was approved by the monetary policy committee last month. Zimbabwe introduced gold coins last June as a store of value and to help support the local unit.

    ‘Pretty straightforward’

    The Reserve Bank of Zimbabwe is finalising a date to start the gold-backed digital currency, according to Innocent Matshe, the central bank’s deputy governor.

    “It’s a concept which is pretty straightforward, we tokenise the gold, we have the gold,” he said by phone. “Every time we issue a coin, it is backed by real gold. We are still finalising the details, but most countries are asking us how we came up with that plan.”

    Read: Zimbabwe to introduce gold-backed digital currency

    Matshe declined to comment on the value of gold which will be used to back the digital currency.  — Ray Ndlovu and Godfrey Marawanyika, (c) 2023 Bloomberg LP

    Get TechCentral’s daily newsletter



    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous Article1Stream ticks all the CRM boxes with its all-in-one solution
    Next Article Netflix to invest $2.5-billion in South Korean productions

    Related Posts

    Public money, private plans: MPs demand Post Office transparency

    13 June 2025

    Coal to cash: South Africa gets major boost for energy shift

    13 June 2025

    China is behind in AI chips – but for how much longer?

    13 June 2025
    Company News

    Huawei Watch Fit 4 Series: smarter sensors, sharper design, stronger performance

    13 June 2025

    Change Logic and BankservAfrica set new benchmark with PayShap roll-out

    13 June 2025

    SAPHILA 2025 – transcending with purpose, connection and AI-powered vision

    13 June 2025
    Opinion

    Beyond the box: why IT distribution depends on real partnerships

    2 June 2025

    South Africa’s next crisis? Being offline in an AI-driven world

    2 June 2025

    Digital giants boost South African news media – and get blamed for it

    29 May 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.