The Reserve Bank of Zimbabwe (RBZ) says both individuals and corporates can now transact using the Gold-Backed Digital Tokens also known as ZiG (Zimbabwe Gold).
In a statement, the RBZ highlighted the key points to note when transacting with ZiG which are as follows:
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.
The RBZ said the pricing of ZiG in foreign currency will be informed by the international gold price as determined by the London Bullion Market Association.
It also said the daily price shall be accessible on its website www.rbz.co.zw and social media platforms.