Zimbabwe Central Bank Launches Gold-Backed Digital Currency to Bolster Local Economy
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The Reserve Bank of Zimbabwe introduced a gold-backed digital token called Zimbabwe Gold (ZiG) as a payment method.
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ZiG tokens are backed by physical gold reserves held by the central bank.
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The goal is to encourage investors to put money into national assets rather than US dollars.
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ZiG can be stored in e-wallets or e-cards and used for P2P and business transactions.
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Zimbabwe has struggled with currency instability and adopted the US dollar in 2009, but reintroduced its own currency in 2019.