Zimbabwe Turns Gold-Backed Digital Token into Payment Method – David Attlee 10/10/23

Source: CoinTelegraph.com

On Oct. 5, the gold-backed digital token called, Zimbabwe Gold (ZiG), officially launched as a payment method. The launch was announced by the Reserve Bank of Zimbabwe (RBZ).

The RBZ introduced its new project in April 2023, highlighting that every issued digital token would be backed by a physical amount of gold held in the bank’s reserves. The RBZ first started issuing physical gold-backed tokens in 2022, claiming their successful adoption.

The mission behind both physical coins and the newly introduced ZiG is to persuade local investors to put their money into national assets and not United States dollars, which is not an easy task in a country with triple-digit inflation. RBZ Governor John Mangudya stated:

“The issuance of the gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.”

The digital tokens can be stored in either e-gold wallets or e-gold cards and are tradeable for peer-to-peer and business transactions. …

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