According to Cointelegraph, on October 5, Zimbabwe Gold (ZiG), a digital token backed by Zimbabwe’s gold, was officially launched as a payment method. The Reserve Bank of Zimbabwe (RBZ) announced the news.
RBZ will launch this new project for the first time in April 2023. The central bank noted that each digital token issued will be backed by a certain amount of gold held in the bank’s reserves. Last year, RBZ began issuing physical gold tokens and claimed successful adoption.
The mission behind the physical coin and the newly launched ZiG is to convince local investors to put their money into national assets instead of dollars, which is not easy in a country with triple-digit inflation levels. ZiG can be stored in e-gold wallets or e-gold cards and used for P2P and commercial transactions.