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Zimbabwe gold-backed digital token (ZiG) becomes operational

The Zimbabwe gold-backed digital coin, known as ZiG, became operational today as a means of payment but central bank governor John Mangudya said it was not a currency.

The ZiG is at par with the physical gold coin and will be informed by the international price of gold.

The central bank has enlisted external auditors to validate the availability and adequacy of gold to back the ZiG at any time.

(1848 VIEWS)

This post was last modified on October 5, 2023 8:56 pm

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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Charles Rukuni
October 5, 2023 8:55 pm

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