Zimbabwe's gold tokens to be used as legal tender

The Reserve Bank of Zimbabwe (RBZ) has announced its intention to introduce a new transactional currency called Zimbabwe Gold (ZiG), which will be backed by the valuable mineral resource. These Gold-Backed Digital Tokens (GBDT) are designed for transactional purposes to streamline payments.

According to a statement released by the RBZ, this decision was reached during the Monetary Policy Committee meeting held on September 26, 2023. The committee also expressed its commitment to maintaining stringent monetary policies.

ZiG will work alongside the local currency and foreign currencies to facilitate domestic transactions in a more stable and predictable manner, thanks to the stability of the international gold price. To instill confidence in ZiG, the RBZ plans to establish an independent certification mechanism to reassure the public about the availability and sufficiency of gold to support ZiG.

The introduction of ZiG aims to revolutionize the way Zimbabweans conduct commercial transactions, offering an alternative to existing payment methods. The RBZ intends to expedite the implementation phase for transacting with GBDT, branded as Zimbabwe Gold (ZiG), alongside the existing payment platforms.

The RBZ also addressed the inflation trends in the country, which have been gradually declining over the past few months.