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
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