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Zimbabwe approved gold-backed tokens as payment method

Zimbabwe

In Zimbabwe, everyone can now complete their local transactions using the new digital tokens (ZIG) approved by the central bank. Central Bank Governor John Mangudya, stated they appointed external auditors to confirm the adequacy of the gold supporting the ZIG tokens.

The RBZ chairman stressed that gold-backed digital tokens are not only an approved method for payments and regulation within Zimbabwe. Also, he said it serves as a way to preserve value according to a statement shared on October 5.

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Purchasing Digital Tokens with Local Currency in Zimbabwe

Before the introduction of gold-backed digital tokens, RBZ had already introduced physical currencies for the same purpose. Mangudya said the following on how they will determine the value of ZIG tokens  :

The value of ZIG will be equivalent to the value of the physical Mosi-au-Tunya gold coin and will be affected by the international gold price. Banks will hold special ZIG accounts to facilitate ZIG transactions, as they do transactions with local and foreign currencies.

The Central Bank of Zimbabwe also stated it will collect a tax of half the amount applied to transactions made with foreign currencies for transactions made using ZIG tokens.

According to the Herald newspaper, ZIG tokens will be equivalent to the value of one milligram of gold. Also, the tokens will be approximately 6.1 cents. Individuals and institutions will be able to purchase these tokens using local and foreign currencies.

In order to convince skeptical people, Mangudya emphasized they worked with external auditors to confirm the presence and adequacy of the gold-supporting ZIG tokens. However, there are no names of these auditors in the central bank’s statement.


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