The Reserve Bank of Zimbabwe (RBZ) has invited individuals and financial institutions in the country to subscribe to its upcoming gold-backed digital token, which is set to combat the country's volatile local currency. Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions and corporates. The tokens will be issued on May 8 in two phases, with the first phase being for investment purposes and available for sale through banks and the second phase allowing person-to-person and person-to-business transactions. The RBZ hopes to combat inflation, which stood at 87.6% in March.

(By Camomile Shumba)