The Reserve Bank of Zimbabwe (RBZ), managed to sell digital currency worth 4.8 kgs of pure gold.
Rudairo Mapuranga
The RBZ on Tuesday received 12 applications to purchase gold-backed digital tokens with an amount of Zwl $5,240,399,573.79 realised by the Central Bank.
Since its inception, the Central Bank has issued 736.52 kgs of gold which is equal to 736,518,865.00 milligrams.
The gold-backed digital tokens, now named Zimbabwe Gold or ZiG, became an approved means of payment for domestic transactions with effect from 05 October 2023 with any transactions going through ZimSwitch and the RTGS system in the same way as Zimbabwe dollars and US dollars being moved between bank accounts, with swipe machines being made available.
The tokens have been available as an investment or store of value for some months, but now if both a buyer and seller have ZiG bank accounts and agree to use the token for payment, they can buy and sell something through those accounts.
