In a groundbreaking move, the Reserve Bank of Zimbabwe (RBZ) says it successfully sold digital currency backed by 4.8 kilograms of pure gold. It says it has received 12 applications to purchase these gold-backed digital tokens, resulting in a total value of ZWL $5,240,399,573.79.
Since its inception, the Central Bank has issued an impressive 736.52 kilograms of gold, equivalent to a staggering 736,518,865.00 milligrams.
These tokens, now known as Zimbabwe Gold (ZiG), have recently been approved as a legitimate means of payment for domestic transactions. As of October 5, 2023, transactions involving ZiG will be processed through ZimSwitch and the RTGS system, similar to how Zimbabwe dollars and US dollars are transferred between bank accounts. Swipe machines are also being made available to facilitate these transactions.
While ZiG has been available as an investment or store of value for several months, a new development allows buyers and sellers with ZiG bank accounts to conduct direct transactions using the digital tokens.
