Zimbabwe’s Gold-Backed Digital Token to Shift as a Payment Method
The post Zimbabwe’s Gold-Backed Digital Token to Shift as a Payment Method appeared on BitcoinEthereumNews.com. Cryptocurrency, a digital asset stored on blockchain technology, expanded its roots worldwide and Zimbabwe is no exception. The potential of decentralized finance melted Zimbabwe’s heart and made the country enter the ocean of cryptocurrency. The launch of a Gold-backed digital token under the name Zimbabwe Gold (ZiG) and the issuing of the token as a legal tender showcase the devotion of Zimbabwe towards digital assets. Continuing the chain, RBZ made a new announcement related to Gold-backed Digital Token on October 5. What is RBZ Actually Cooking? A piece of news from RBZ’s office on October 5, filled the local investors of Zimbabwe with joy. The announcement was related to the transformation of the Gold-backed Digital Token into a payment method. ZiG, the gold-backed digital token is all set to transform into a payment method, the announcement was made by RBZ on October 5. The bank specified that each ZiG would be backed by a physical amount of gold held in the bank’s reserves. The project was introduced by the central bank in April 2023 and began issuing the same legal tender on May 8. On successful adoption and smooth functioning of the project, RBZ is moving towards new plans. In the race to become a champion of digital currency, RBZ also wishes to take care of the local investors and national assets. With the mission to persuade local investors to finance in national assets and not American dollars, the central bank is working with both the physical and recently introduced ZiG. Zimbabwe faced currency instability and high inflation for more than a decade. Result of this, the nation adopted the US dollar as its official currency in 2009, making the local currency worthless. Year 2019, come up with a big change for Zimbabwe with the reintroduction of its own currency.…
The post Zimbabwe’s Gold-Backed Digital Token to Shift as a Payment Method appeared on BitcoinEthereumNews.com.
Cryptocurrency, a digital asset stored on blockchain technology, expanded its roots worldwide and Zimbabwe is no exception. The potential of decentralized finance melted Zimbabwe’s heart and made the country enter the ocean of cryptocurrency. The launch of a Gold-backed digital token under the name Zimbabwe Gold (ZiG) and the issuing of the token as a legal tender showcase the devotion of Zimbabwe towards digital assets. Continuing the chain, RBZ made a new announcement related to Gold-backed Digital Token on October 5. What is RBZ Actually Cooking? A piece of news from RBZ’s office on October 5, filled the local investors of Zimbabwe with joy. The announcement was related to the transformation of the Gold-backed Digital Token into a payment method. ZiG, the gold-backed digital token is all set to transform into a payment method, the announcement was made by RBZ on October 5. The bank specified that each ZiG would be backed by a physical amount of gold held in the bank’s reserves. The project was introduced by the central bank in April 2023 and began issuing the same legal tender on May 8. On successful adoption and smooth functioning of the project, RBZ is moving towards new plans. In the race to become a champion of digital currency, RBZ also wishes to take care of the local investors and national assets. With the mission to persuade local investors to finance in national assets and not American dollars, the central bank is working with both the physical and recently introduced ZiG. Zimbabwe faced currency instability and high inflation for more than a decade. Result of this, the nation adopted the US dollar as its official currency in 2009, making the local currency worthless. Year 2019, come up with a big change for Zimbabwe with the reintroduction of its own currency.…
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