Zimbabwe’s new gold coin push marks shift from digital fix
The post Zimbabwe’s new gold coin push marks shift from digital fix appeared on BitcoinEthereumNews.com. Zimbabwe is reviving gold coins to support its embattled currency, as earlier efforts with gold-backed digital tokens failed to curb economic instability. Zimbabwe is yet again turning to gold to defend its embattled currency, as the Reserve Bank of Zimbabwe, the country’s central bank, has revived sales of physical gold coins just 10 months after scrapping the program, betting that tangible bullion might succeed where digital tokens have struggled, Bloomberg reports. The so-called “Mosi-Oa-Tunya” coins, named after Victoria Falls, are being reintroduced during what officials are calling a “time of attractiveness” for gold. For context, minting had been paused in July 2024, after Reserve Bank Governor John Mushayavanhu suggested the focus would shift toward digital alternatives. Now, however, officials seem to be thinking differently. Persistence Gwanyanya, a member of the central bank’s monetary policy committee, told Bloomberg that the spike in global gold prices made it an opportune moment to act. “Gold is more attractive to the market at the moment and it supports our value preservation efforts. We are taking advantage of firm gold prices and re-injecting the gold coins into the market.” Persistence Gwanyanya Two major banks, the Central Africa Building Society and Nedbank Zimbabwe, have already confirmed they are selling the new coins as an “alternative investment option” that adds a “valuable asset” to portfolios, Bloomberg reports. The coins are available in denominations ranging from one-tenth of an ounce to a full ounce, offering flexibility to buyers who may not want to commit large amounts of cash upfront. Unrealized hopes Officials are no doubt hoping that physical gold’s enduring appeal will succeed where more experimental strategies — the country’s digital currency — have faltered. Zimbabwe introduced a gold-backed digital token, initially named ZiG (Zimbabwe Gold), in April 2023 to stabilize its currency and provide a value-preserving instrument…
The post Zimbabwe’s new gold coin push marks shift from digital fix appeared on BitcoinEthereumNews.com.
Zimbabwe is reviving gold coins to support its embattled currency, as earlier efforts with gold-backed digital tokens failed to curb economic instability. Zimbabwe is yet again turning to gold to defend its embattled currency, as the Reserve Bank of Zimbabwe, the country’s central bank, has revived sales of physical gold coins just 10 months after scrapping the program, betting that tangible bullion might succeed where digital tokens have struggled, Bloomberg reports. The so-called “Mosi-Oa-Tunya” coins, named after Victoria Falls, are being reintroduced during what officials are calling a “time of attractiveness” for gold. For context, minting had been paused in July 2024, after Reserve Bank Governor John Mushayavanhu suggested the focus would shift toward digital alternatives. Now, however, officials seem to be thinking differently. Persistence Gwanyanya, a member of the central bank’s monetary policy committee, told Bloomberg that the spike in global gold prices made it an opportune moment to act. “Gold is more attractive to the market at the moment and it supports our value preservation efforts. We are taking advantage of firm gold prices and re-injecting the gold coins into the market.” Persistence Gwanyanya Two major banks, the Central Africa Building Society and Nedbank Zimbabwe, have already confirmed they are selling the new coins as an “alternative investment option” that adds a “valuable asset” to portfolios, Bloomberg reports. The coins are available in denominations ranging from one-tenth of an ounce to a full ounce, offering flexibility to buyers who may not want to commit large amounts of cash upfront. Unrealized hopes Officials are no doubt hoping that physical gold’s enduring appeal will succeed where more experimental strategies — the country’s digital currency — have faltered. Zimbabwe introduced a gold-backed digital token, initially named ZiG (Zimbabwe Gold), in April 2023 to stabilize its currency and provide a value-preserving instrument…
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