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'ZWL$80bn gold coins, ZiG tokens sold'

by Staff reporter
02 Nov 2023 at 01:52hrs | Views
Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has reported the sale of gold coins and gold-backed digital tokens (ZiG tokens) valued at over ZWL$80 billion to date. Gold coins were introduced last year to help stabilize the local currency, while ZiG tokens were introduced in May as part of various measures to stabilize the currency.

According to Mangudya, "Gold coins have been a great success, with a cumulative 38,325 gold coins sold to the public as of October 31, 2023. Since the first issuance on May 12, 373.47kg of ZiG have been purchased, with a cumulative value of ZWL$80.14 billion."

He also noted that the positive growth in the adoption of ZiG has paved the way for the successful launch of the transactional phase, which was announced on October 5, 2023. These gold-backed digital tokens were initially introduced to provide value-preserving investment options with a 180-day vesting period, similar to gold coins, and are redeemable in the same manner.

The introduction of these tokens and gold coins aims to provide consumers with an alternative store of value to reduce reliance on the United States dollar, as Zimbabwe has faced economic challenges and currency depreciation since reintroducing the Zimdollar in 2019.

Source - newsday
More on: #Gold, #Coin, #ZiG