-
Zimbabwe Introduces Digital Payment System Backed By Gold
The Reserve Bank of Zimbabwe (RBZ) has launched a digital payment system backed by physical gold. The RBZ rolled out its digital gold-backed token in April after successfully implementing a program to produce physical gold coins in 2022. On Oct. 5, the central bank announced that these gold-backed digital tokens could be used as a method of payment for domestic transactions. The digital tokens called Zimbabwe Gold (ZiG) can be stored in a digital e-gold wallet or on e-gold cards. Each token is backed by an equivalent amount of physical gold held in the RBZ’s reserves. The ZiG can be used in business transactions or ... (full story)