The Reserve Bank of Zimbabwe (RBZ) has announced a gold-backed token called Zimbabwe Gold (ZiG) as the official means of payment for goods and services in the country.
John Panonetsa Mangudya, Governor of the Reserve Bank of Zimbabwe, signed a decree making the digital currency Zimbabwe Gold (ZiG) the official means of payment in the country.
The gold-backed digital tokens can be used both by individuals for personal transfers and business transactions. ZiG can be stored in e-gold wallets or e-gold cards.
The prices of ZiG tokens depend on the weight of gold they’re backed by. Thus, they can have the following equivalents:
- 1 oz (~28 grams) for $1,910;
- 0.5 oz for $955;
- 0.25 oz for $477;
- 0.1 oz for $191.
According to the RBZ, as of September 28, 2023, investors have bought ZiG equivalent to 17.65 kg (~600 oz) of gold, and the total amount of ZiG bought by investors since the launch of digital asset sales is about 350 kg (~12,346 oz) of gold.
The RBZ announced the issuance of the digital currency backed by physical gold held in the bank’s reserves in April this year. In May, the bank successfully conducted the first sale of ZiG amounting to 14 billion Zimbabwean dollars (~$39 million).
