Bitcoin News and Finance

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

Zimbabwean residents and institutions can now pay or settle domestic transactions using the recently launched gold-backed digital tokens, the central bank has said. Bank governor John Mangudya said the central bank has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time.”

Preserving Value With Gold-Backed Tokens

The Zimbabwean gold-backed digital tokens are now an approved method of paying or settling domestic transactions, the head of the country’s central bank has said. In a statement issued on Oct. 5, John Mangudya, the governor of the Reserve Bank of Zimbabwe (RBZ), added that the digital tokens will also continue to act as a value preservation instrument.

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

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

As reported by Bitcoin.com News over the past few months, the RBZ has been working on the supporting infrastructure. Initially, the central bank said the tokens, which are now known as ZIG tokens, would be useful in insulating holders against inflation and currency depreciation.

Buying Digital Tokens With Local Currency

Meanwhile, prior to launching gold-backed digital tokens, the RBZ had already launched physical coins to serve the same purpose. Commenting on how the value of the ZIG tokens is determined, the RBZ boss said:

The value of ZIG will be at par with the value of the physical Mosi-au-Tunya gold coin and will remain informed by the international gold price. Banks will maintain dedicated ZIG accounts and intermediate transactions in ZIG in the same way they intermediate in local and foreign currency.

The Zimbabwean central bank added the applicable money transfer tax will only be half the rate usually applied for foreign currency-denominated transactions.

According to a report in the Herald, ZIG tokens are issued in units of one milligram of gold worth just over 6.1 cents. The report added that both individuals and institutions will be able to purchase the tokens using local and foreign currency.

In what is seen as an attempt to assuage skeptics, Mangudya said the RBZ has enlisted the services of external auditors to “validate the availability and adequacy of gold to ZIG at any given time.” However, the central bank’s statement does not reveal the names of the auditors.

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