Zimbabwe uses a digital token backed by gold as a means of payment
When it comes to the introduction of the new project by the Reserve Bank of Zimbabwe in April, one can’t help but notice the innovative approach they’ve taken. They’ve linked each digital token they issue to a tangible reserve of gold securely held within the bank’s vaults. Fast forward to October 5th, and the official launch of the gold- backed digital token named Zimbabwe Gold (ZiG) as a payment method was announced by none other than the Reserve Bank of Zimbabwe (RBZ) itself. What’s truly remarkable about this initiative is that it’s been in the works since April 2023, and it has consistently emphasized the backing of every digital token with a physical store of gold. This concept was initiated by the RBZ in 2022 when they started issuing token s backed by actual gold, and their success in this venture is truly commendable. The underlying mission of both the physical coins and the newly unveiled ZiG is to encourage local investors to dive...