The Reserve Bank of Zimbabwe (RBZ) has announced that both individuals and corporate entities are now permitted to engage in transactions using the Gold-Backed Digital Tokens, commonly referred to as ZiG (Zimbabwe Gold).
In an official statement, the RBZ has outlined essential considerations for those conducting transactions with ZiG, including the following key points:
1. As a bank customer you approach your bank to buy ZiG tokens (denominated in milligrams) payable in ZW$ or US$.
2. Minimum purchase of ZiG by individuals is US$10 and corporates is US$5 000 or the Zimbabwean Dollar equivalent.
3. Once ZiG has been purchased, the holder will, in addition to their existing bank account, now have a ZiG account denominated in milligrams of gold.
4. The bank client can now transact using their ZiG account through swipe and online payments.
5. A holder can keep ZiG balances for transacting or store-of-value purposes with a redemption option in US$ or ZW$ depending on their preference after a 180-day vesting period.
6. Goods and services will also be priced in ZiG.