Notice: Issuance of the RBZ Gold Backed Digital Tokens
We make reference to RBZ issuance of the Gold-Backed Digital Tokens (No. 1/2023) issued on 4 May 2023 and advise the below:
FEATURES
Features of the Gold-Backed Digital Tokens
Issuer: Reserve Bank of Zimbabwe
Vesting Period: 180 days
Purpose of Issue: To provide investors with a platform to save, invest and transact in gold
Offer Opens: Monday, 8 May 2023 at 0800 hours
Offer Closes: Wednesday, 10 May 2023 at 1 200 hours
Payment: Thursday, 11 May 2023
Issuance Date: Friday, 12 May 2023
PRICING
The Gold–Backed Digital Tokens will be available for sale through banks in both foreign (USD) and local (ZWL) currency. Holders of physical gold coins shall at their discretion be able to exchange or convert through the banking system the physical gold coins to digital gold-backed tokens.
The pricing of the Digital Tokens in foreign currency shall remain the same as the pricing model of the physical gold coins as informed or guided by the international gold price as determined by the London Bullion Market Association (LBMA) PM fix.
APPLICATIONS
All interested applicants must submit an application form to the bank with the relevant KYC documents.
Applications must be for a minimum of:
Individuals - USD 10
Corporates – USD 5000
* The full payment for allotted digital tokens shall be made on the settlement date through the normal payment systems.
SOURCE OF FUNDS
Investors cannot use borrowings to finance the purchase of digital tokens.
*KYC Principles shall apply.
REDEMPTION
The digital tokens can be redeemed after the vesting period of 180 days, based on the international gold price as determined by the London Bullion Market Association (LBMA) PM fix, payable in either local or foreign currency as is the case with physical gold coins. Payments will be done through the nominated custodial banks.