Zimbabwe turns gold-backed digital token into payment method

On Oct. 5, the gold-backed digital token under the name Zimbabwe Gold (ZiG) officially kicked off as a payment method. The launch was announced by the Reserve Bank of Zimbabwe (RBZ). The first time the RBZ introduced its new project was in April 2023. The central bank specified that every issued digital token would be backed by a physical amount of gold held in the bank’s reserves. The RBZ started issuing physical gold tokens last year, claiming their successful adoption. The mission behind both physical coins and freshly introduced ZiG is to persuade local investors to put their money into national assets and not American dollars. Zimbabwe has grappled with currency instability and rising inflation for more than a decade.

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