{"id":77412,"date":"2023-05-01T14:14:20","date_gmt":"2023-05-01T12:14:20","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2"},"modified":"2023-05-01T18:22:15","modified_gmt":"2023-05-01T16:22:15","slug":"legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2","title":{"rendered":"Legal framework on gold-backed digital tokens \u2018almost done\u2019 \u2013 says FinMin source after CCC criticism"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>By Alois Vinga<\/b><\/p>\n

WORK around the finalisation of gold-backed digital tokens has reached an advanced stage with the government\u2019s legal team working on the final touches to provide a sound legal basis for the instrument\u2019s inception.<\/p>\n

In an update recently, the Reserve Bank of Zimbabwe (RBZ) announced that the digital tokens over and above the already existing gold coins set to be rolled out on May 8.<\/p>\n

The move is meant to enhance the divisibility of the investment instruments and widen their access and usage by the public.<\/p>\n

The clarification on legal work around the tokens clears the air following market speculation indicating that the instrument is being introduced without establishing the required legal framework.<\/p>\n

In a tweet over the weekend Citizens Coalition for Change (CCC) spokesperson, Fadzayi Mahere said the introduction of the gold-backed digital tokens contravenes the Reserve Bank Act.<\/p>\n

RELATED:<\/b><\/p>\n

\u201cWhat kind of \u201cReserve Bank\u201d introduces a new \u201cdigital currency\u201d with absolutely no legal framework whatsoever? What are the rules? Who made them? This move is illegal and ultra vires the Constitution and the Reserve Bank Act. No wonder the Zimbabwean Dollar is crashing,\u201d Mahere said on Twitter.<\/p>\n

But a highly placed source in the Finance and Economic Development Ministry dispelled the speculative fears insisting there is no way such a huge step can be taken outside legal provisions.<\/p>\n

\u201cThe legal framework for the introduction of digital gold tokens is almost complete. What the authorities have done is simply to advise the market in advance to the effect that the introduction of the product will commence on May 8.<\/p>\n

\u201cThe forthcoming legal framework is consistent with international best practices and will augur well with the Supreme Law of our land. Hopefully, the legal framework would be approved before the rollout of the tokens\u2019 first phase,\u201d said the source.<\/p>\n

Last Friday, RBZ revealed that phase one: gold-backed digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins. The tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollars.<\/p>\n

During the second phase, the gold-backed digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating person-to-person and person-to-business transactions and settlements implying that the gold-backed digital tokens would be used both as a means of payment and a store of value.<\/p>\n

Authorities believe that the tokens will allow gold coins to be widely traded and, in the process, expand tradable assets in the economy for store-of-value purposes, increase divisibility and shore up the local Zimbabwe dollar currency.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga WORK around the finalisation of gold-backed digital tokens has reached an advanced stage with the government\u2019s legal team working on the final touches to provide a sound legal basis for the instrument\u2019s inception. In an update recently, the Reserve Bank of Zimbabwe (RBZ) announced that the digital tokens over […]<\/p>\n","protected":false},"author":84,"featured_media":77411,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,2715],"tags":[1493,2189,19],"class_list":{"0":"post-77412","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-homepage-english","10":"category-policy","11":"category-to-homepage","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-zimbabwe"},"yoast_head":"\nLegal framework on gold-backed digital tokens \u2018almost done\u2019 \u2013 says FinMin source after CCC criticism - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga WORK around the finalisation of gold-backed digital tokens has reached an advanced stage with the ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legal framework on gold-backed digital tokens \u2018almost done\u2019 \u2013 says FinMin source after CCC criticism\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga WORK around the finalisation of gold-backed digital tokens has reached an advanced stage with the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-01T12:14:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-01T16:22:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/postQueueImg_1682938126.62.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/legal-framework-on-gold-backed-digital-tokens-almost-done-says-finmin-source-after-ccc-criticism-2\",\"name\":\"Legal framework on gold-backed digital tokens \u2018almost done\u2019 \u2013 says FinMin source after CCC criticism - 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