Gold-Backed Digital Tokens Now an Approved Payment Method Says Zimbabwean Central Bank

Zimbabwean residents and institutions tin present wage oregon settee home transactions utilizing the precocious launched gold-backed integer tokens, the cardinal slope has said. Bank politician John Mangudya said the cardinal slope has enlisted the services of outer auditors to “validate the availability and adequacy of golden to ZIG astatine immoderate fixed time.”

Preserving Value With Gold-Backed Tokens

The Zimbabwean gold-backed integer tokens are present an approved method of paying oregon settling home transactions, the caput of the country’s cardinal slope has said. In a connection issued connected Oct. 5, John Mangudya, the politician of the Reserve Bank of Zimbabwe (RBZ), added that the integer tokens volition besides proceed to enactment arsenic a worth preservation instrument.

Introduction of the Zimbabwe Gold-Backed Digital Token (Zig) arsenic a Means of Payment pic.twitter.com/o1CL5dsbaQ

— Reserve Bank of Zimbabwe (@ReserveBankZIM) October 5, 2023

As reported by Bitcoin.com News implicit the past fewer months, the RBZ has been moving connected the supporting infrastructure. Initially, the cardinal slope said the tokens, which are present known arsenic ZIG tokens, would beryllium utile successful insulating holders against ostentation and currency depreciation.

Buying Digital Tokens With Local Currency

Meanwhile, anterior to launching gold-backed integer tokens, the RBZ had already launched carnal coins to service the aforesaid purpose. Commenting connected however the worth of the ZIG tokens is determined, the RBZ brag said:

The worth of ZIG volition beryllium astatine par with the worth of the carnal Mosi-au-Tunya golden coin and volition stay informed by the planetary golden price. Banks volition support dedicated ZIG accounts and intermediate transactions successful ZIG successful the aforesaid mode they intermediate successful section and overseas currency.

The Zimbabwean cardinal slope added the applicable wealth transportation taxation volition lone beryllium fractional the complaint usually applied for overseas currency-denominated transactions.

According to a report successful the Herald, ZIG tokens are issued successful units of 1 milligram of golden worthy conscionable implicit 6.1 cents. The study added that some individuals and institutions volition beryllium capable to acquisition the tokens utilizing section and overseas currency.

In what is seen arsenic an effort to assuage skeptics, Mangudya said the RBZ has enlisted the services of outer auditors to “validate the availability and adequacy of golden to ZIG astatine immoderate fixed time.” However, the cardinal bank’s connection does not uncover the names of the auditors.

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