Reserve Bank of Zimbabwe launches gold-backed digital token ZiG
RBZ has launched a gold-backed ZiG digital token to address currency instability and inflation. ZiG offers a stable and versatile investment option, gaining investor interest. Investors have purchased 350kg of gold through ZiG, signalling a shift from the US dollar. The Reserve Bank of Zimbabwe (RBZ) has officially launched the Zimbabwe Gold (ZiG) digital token , backed by physical gold reserves, to address currency instability and rising inflation in the country. Zimbabwe has grappled with currency instability and soaring inflation for over a decade. After hyperinflation rendered the local currency nearly worthless in 2009, the nation adopted the US dollar as its official currency. However, in 2019, Zimbabwe reintroduced its own currency, only to face renewed currency volatility. ZiG: Gold-backed cryptocurrency In April 2023, the RBZ introduced the concept of the Zimbabwe Gold (ZiG) digital token, underpinned by physical gold reserves held in the centr...