The Reserve Bank of Zimbabwe (RBZ) has released the latest prices for gold coins and digital tokens, as at 28 March 2024.
Apparently, the acronym “ZIG” stands for “Zimbabwean Investment Gold is the official name assigned to the digital tokens that are backed by gold.
The value of ZIG is linked to the price of gold, but it exists and operates as a digital asset rather than a physical banknote or coin.
ZIG is a gold-backed digital token designed to serve as a value-preserving instrument in the economy.
Each ZIG is measured in milligrams, representing 1/1000th of a gram of gold.
The value of ZIG in foreign currency is determined based on the international gold price set by the London Bullion Market Association (LBMA) PM fix.
The tokens are integrated into bank accounts, cards, and point-of-sale (POS) systems, allowing individuals to transact using ZIG as a form of payment.
Zwnews
Kaizer Chiefs coach Cedric Kaze has urged patience and composure after the club’s poor run… Read More
Kaizer Chiefs have suffered a major setback with two experienced players injured. Both Brandon Petersen… Read More
Premier Soccer League giants Kaizer Chiefs have reportedly set their sights on Nigeria international goalkeeper… Read More
Kaizer Chiefs’ preparations for the Soweto Derby were severely disrupted before kick-off, a reality that… Read More
Kaizer Chiefs registered a second successive victory in the CAF Confederation Cup group stages after… Read More
Across Africa, vehicle buyers and importers are discovering a new way to connect — through … Read More