Reserve Bank of Zimbabwe introduces gold-backed digital token ZiG
The Reserve Bank of Zimbabwe (RBZ) introduces Zimbabwe Gold (ZiG), a gold-backed digital token, as legal tender for retail use.
The Reserve Bank of Zimbabwe (RBZ) introduces Zimbabwe Gold (ZiG), a gold-backed digital token, as legal tender for retail use.
As other African countries explore CBDCs, Zimbabwe plans to follow the trend of using retail gold-backed digital tokens in an attempt to aid economic woes.
Zimbabwe’s tokens are backed by 140 kilograms of gold, the central bank says, revealing it’s preparing for a second round of sale despite an IMF warning.
The core feature of Zimbabwe's new gold-backed tokens is its fractionalization, allowing individual investors to buy tokens for as low as $10.
The CBDC is one of the measures the central bank is looking to utilize in tightening monetary policy to "sustainably anchor inflation and exchange rate expectations."
Mobile money operators are taking advantage of financial instability to overcharge users, according to the Reserve Bank of Zimbabwe.
Cryptocurrency investors in Zimbabwe are a happy lot after the second highest court in the country reversed the Reserve Bank of Zimbabwe ban on crypto-related activities.
The Reserve Bank of Zimbabwe has ordered a ban on all cryptocurrency activities, giving operators 60 days to shut down all operations.