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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:
<blockquote>
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.
</blockquote>
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.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

ZiG To Be Used In Transactions Through Swipe & Online Payments - RBZ

The Reserve Bank of Zimbabwe (RBZ) is in the final stages of preparing to introduce gold-backed digital tokens as a medium of exchange for domestic transactions, alongside the US dollar, according to Governor Dr John Mangudya. In his presentation of the Mid-Term Monetary Policy Statement, Mangudya said:
<blockquote>
The Bank is at an advanced stage in preparations for the rolling out of GBDTs (Gold-Backed Digital Tokens) for transactional purposes in Phase II of the project under the code or name ZiG, which stands for Zimbabwe Gold. It is envisaged that the transactional phase will see GBDTs complimenting the demand for the US dollar in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange. As such, appropriate awareness campaigns would be conducted in all provinces and districts of the country to educate the public on the use and benefits of GBDT.
Consultations with various stakeholders including the Confederation of Zimbabwe Industries (CZI) and the Zimbabwe National Chamber of Commerce (ZNCC) and the Retailers Association of Zimbabwe (RAZ) have already been undertaken and banks are now configuring their systems to allow for the issuance of cards which will be denominated in ZiG.
</blockquote>
According to Governor Dr John Mangudya, the gold coins introduced as an alternative store of value have been effective in mopping up over ZW$35 billion from the sale of 36,059 coins. He said only 769 coins (2% of the total sold) have been redeemed, indicating their value as a store of value.
Mangudya said to further expand value-preserving instruments and increase accessibility, the central bank introduced Gold-Backed Digital Tokens (GBDT) on May 12, 2023. These tokens are fully backed by physical gold held by the Bank. He said as of July 21, 2023, RBZ had issued 325,024,524 milligrams (equivalent to 325.02 kgs) of gold through 11 issuances, valued at ZW$50.50 billion and US$7,794.87.
Economic blogger Tinashe Murapata expresses scepticism regarding the introduction of gold-backed digital tokens as a medium of exchange, suggesting it may be an attempt to reintroduce the Zimbabwe dollar. Murapata raises concerns about multiple currencies in circulation and the potential conversion of local Nostro to ZiG, making it another form of Zimbabwean currency. He said:
<blockquote>
The Gold Backed Digital token will now evolve from being an investment vehicle to being a currency. This will be called ZiG. It is being touted as an alternative for USD. Never mind the efficacy of how this currency will work. But, does it not bother the authorities that Zimbabwe will have another currency on top of the four currencies will already have. Namely. RTGS, Nostro, Bond notes, USD. This will mean five competing currencies with five different exchange rates. Why would a retailer accept ZiG, whose price is determined by the variability of the Auction rate? Well, they will be forced to. The second worry is that local Nostro is a direct substitute of ZiG. Meaning the authorities could easily convert all local nostro to ZiG. On the ostensible claim of facilitating transactions. The post-election period will be very interesting as ZWL is now effectively less than 20% of money supply. Meaning probably 10% of transactions. ZiG will be another attempt at the new ZWL currency. Buyer beware.
</blockquote>
If the RBZ is successful, Zimbabweans will be able to purchase groceries using gold coins and gold-backed digital tokens. To prepare for Phase II, which is the transactional phase of the Gold-Backed Digital Tokens (GBDT), the RBZ plans to conduct an awareness campaign in all national provinces. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

RBZ Preparing To Introduce Gold-backed Digital Tokens As A Medium Of Exchange

The Reserve Bank of Zimbabwe (RBZ) published the prices of the Mosi Oa Tunya Gold Coin and the Gold-backed Digital Token as of 24 May 2023.
The values provided represent the prices in different currencies US dollars, South African Rand, Botswana pula, British pounds, Australian dollars, Euros and Zimbabwean dollars.
One Ounce was being sold as follows:
<ul>
<li>US$2,067.66</li>
<li>ZAR39,695.97</li>
<li>BWP28,324.11</li>
<li>AUD3,135.67</li>
<li>GBP1,663.31</li>
<li>UER 1,918.05</li>
<li>ZWL4,684,520.02</li>
</ul>
Half of an Ounce was sold as follows:
<ul>
<li>US$1,033.83</li>
<li>ZAR19,847.99</li>
<li>BWP14,162.05</li>
<li>AUD1,567.83</li>
<li>GBP831.65</li>
<li>EUR959.03</li>
<li>ZWL2,342,260.01</li>
</ul>
A quarter of an Ounce was sold as follows:
<ul>
<li>US$516.92</li>
<li>ZAR9,923.99</li>
<li>BWP7,081.03</li>
<li>AUD783.92</li>
<li>GBP415.83</li>
<li>EUR479.51</li>
<li>ZWL1,171,130.01</li>
</ul>
A tenth of an Ounce was sold as follows:
<ul>
<li>US$206.77</li>
<li>ZAR3,969.60</li>
<li>BWP2,832.41</li>
<li>AUD313.57</li>
<li>GBP166.33</li>
<li>EUR191.81</li>
<li>ZWL468,452.00</li>
</ul>
GOLD-BACKED DIGITAL TOKEN PRICE PER MILLIGRAM (MG)
<ul>
<li>US$0.0665</li>
<li>ZWL150.61</li>
</ul>

<ol>
<li><a href="https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/">Buying Gold-backed Digital Tokens: Here Is What You Need To Know</a> </li>
<li><a href="https://www.pindula.co.zw/2023/05/11/rbz-releases-mosi-oa-tunya-gold-backed-digital-token-and-coin-prices/">RBZ Releases Gold-backed Tokens And Mosi Oa Tunya Coin Prices – 10 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/17/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-17-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 17 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/22/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-22-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 22 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/23/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-23-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 23 May 2023</a></li>
</ol>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices - 24 May 2023

The Reserve Bank of Zimbabwe (RBZ) published the prices of the Mosi Oa Tunya Gold Coin and the Gold-backed Digital Token as of 23 May 2023.
The values provided represent the prices in different currencies US dollars, South African Rand, Botswana pula, British pounds, Australian dollars, Euros and Zimbabwean dollars.
One Ounce was being sold as follows:
<ul>
<li>US$2,068.82</li>
<li>ZAR39,832.76</li>
<li>BWP28,339.93</li>
<li>AUD3,113.34</li>
<li>GBP1,664.77</li>
<li>UER1,915.39</li>
<li>ZWL3,597,103.59</li>
</ul>
Half of an Ounce was sold as follows:
<ul>
<li>US$1,034.41</li>
<li>ZAR19,916.38</li>
<li>BWP14,169.97</li>
<li>AUD1,556.67</li>
<li>GBP832.39</li>
<li>EUR957.70</li>
<li>ZWL1,798,551.79</li>
</ul>
A quarter of an Ounce was sold as follows:
<ul>
<li>US$517.20</li>
<li>ZAR9,958.19</li>
<li>BWP7,084.98</li>
<li>AUD778.34</li>
<li>GBP416.19</li>
<li>EUR478.85</li>
<li>ZWL899,275.90</li>
</ul>
A tenth of an Ounce was sold as follows:
<ul>
<li>US$206.88</li>
<li>ZAR3,983.28</li>
<li>BWP2,833.99</li>
<li>AUD311.33</li>
<li>GBP166.48</li>
<li>EUR191.54</li>
<li>ZWL359,710.36</li>
</ul>
GOLD-BACKED DIGITAL TOKEN PRICE PER MILLIGRAM (MG)
<ul>
<li>US$0.0665</li>
<li>ZWL115.65</li>
</ul>

<ol>
<li><a href="https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/">Buying Gold-backed Digital Tokens: Here Is What You Need To Know</a> </li>
<li><a href="https://www.pindula.co.zw/2023/05/11/rbz-releases-mosi-oa-tunya-gold-backed-digital-token-and-coin-prices/">RBZ Releases Gold-backed Tokens And Mosi Oa Tunya Coin Prices – 10 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/17/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-17-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 17 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/22/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-22-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 22 May 2023</a></li>
</ol>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices - 23 May 2023

The Reserve Bank of Zimbabwe (RBZ) published the prices of the Mosi Oa Tunya Gold Coin and the Gold-backed Digital Token as of 11 May 2023.
The values provided represent the prices in different currencies US dollars, South African Rand, Botswana pula, British pounds, Australian dollars, Euros and Zimbabwean dollars.
One Ounce was being sold as follows:
<ul>
<li>US$2,116.75</li>
<li>ZAR40,595.62</li>
<li>BWP28,799.29</li>
<li>AUD3,161.21</li>
<li>GBP1,690.56</li>
<li>EUR1,937.35</li>
<li>ZWL3,137,907.05</li>
</ul>
Half of an Ounce was sold as follows:
<ul>
<li>US$1,058.37</li>
<li>ZAR20,297.81</li>
<li>BWP14,399.64</li>
<li>AUD1,580.61</li>
<li>GBP845.28</li>
<li>EUR968.67</li>
<li>ZWL1,568,953.53</li>
</ul>
A quarter of an Ounce was sold as follows:
<ul>
<li>US$529.19</li>
<li>ZAR10,148.90</li>
<li>BWP7,199.82</li>
<li>AUD790.30</li>
<li>GBP422.64</li>
<li>EUR484.34</li>
<li>ZWL784,476.76</li>
</ul>
A tenth of an Ounce was sold as follows:
<ul>
<li>US$211.67</li>
<li>ZAR4,059.56</li>
<li>BWP2,879.93</li>
<li>AUD316.12</li>
<li>GBP169.06</li>
<li>EUR193.73</li>
<li>ZWL313,790.71</li>
</ul>
GOLD-BACKED DIGITAL TOKEN PRICE PER MILLIGRAM (MG)
<ul>
<li>USD 0.0681</li>
<li>ZWL 100.89</li>
</ul>

<ol>
<li><a href="https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/">Buying Gold-backed Digital Tokens: Here Is What You Need To Know</a> </li>
<li><a href="https://www.pindula.co.zw/2023/05/11/rbz-releases-mosi-oa-tunya-gold-backed-digital-token-and-coin-prices/">RBZ Releases Gold-backed Tokens And Mosi Oa Tunya Coin Prices – 10 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/11/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-11-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 11 May 2023 </a></li>
</ol>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Gold-backed Token And Mosi Oa Tunya Coin Prices - 12 May 2023

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe/">Reserve Bank of Zimbabwe (RBZ)</a> has invited members of the public and companies to apply for gold-backed tokens. The central bank said the gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. 
In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix. In a statement seen by Pindula News, the apex bank said:
<blockquote>
The Reserve Bank of Zimbabwe (RBZ) hereby invites applications from Individuals, Financial Institutions, Corporates and Other Entities to subscribe for the issuance of RBZ GoldBacked Digital Tokens No.1/2023.
Applications for the RBZ Gold-Backed Digital Tokens must be for a minimum of US$10 for individuals and US$5,000 for financial institutions, corporates and other entities. Application forms are available from RBZ, Commercial Banks, Building Societies and the People’s Own Savings Bank (POSB).
Completed Application Forms should be submitted through Commercial Banks, Building Societies and the POSB. The application form and prospectus for the RBZ Gold-backed digital tokens are attached to this issuance note.
Features of the Gold-Backed Digital Tokens Issuer: Reserve Bank of Zimbabwe
Vesting Period: 180 days 
Purpose of Issue: To provide investors with a platform to save, invest and transact in gold 
Offer Opens: Monday, 8 May 2023 at 0800 hours 
Offer Closes: Wednesday, 10 May 2023 at 1 200 hours 
Payment: Thursday, 11 May 2023 
Issuance Date: Friday, 12 May 2023
Special Features
• Prescribed Asset Status &amp; Liquid Asset Status; 
• Acceptable as collateral and tradable; 
• Bearer instrument; 
• Settlement will be done in local or foreign currency. 
For further details, contact RBZ Dealers on +263242703000;
</blockquote>

<ul>
<li>Download: <a href="https://news.pindula.co.zw/wp-content/uploads/2023/05/Gold-Backed_Digital_Tokens_Prospectus_-_4_May_2023_1.pdf">Application form for Gold-Backed Digital_Tokens</a></li>
</ul>
The RBZ Gold-backed Digital Tokens are being issued to expand the value-preserving instruments available in the economy, enhance the divisibility of the investment instruments and widen their access and usage by the public.
Banks will create dedicated or specific accounts for the holding of the gold-backed digital tokens (e-gold wallets or e-gold cards). Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens. The digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlement. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.
Government critics say the <a href="https://www.pindula.co.zw/2023/04/30/rbz-gold-backed-digital-currency-a-scam-opposition-leader/">gold-backed currency may be a scam.</a>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Invites Individuals, Companies To Apply For Gold-backed Digital Tokens

The <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> plans to introduce a <a href="https://www.pindula.co.zw/2023/04/24/rbz-introducing-new-currency-backed-by-gold-tokens">gold-backed digital currency</a>, but there are concerns that it may be a scam to deceive people. The governor of the RBZ, <a href="https://www.pindula.co.zw/John_Mangudya">John Mangudya</a>, stated that the currency would be launched in <a href="https://zero.pindula.co.zw/rbz-to-introduce-gold-backed-digital-tokens-on-8-may/">two phases starting on May 8, 2023</a>, and would be used for payment and as a store of value. However, the announcement has divided public opinion.
<a href="https://www.pindula.co.zw/Walter_Mzembi">Walter Mzembi</a>, a former Minister of Tourism and Hospitality, believes “this is the way to go!” In a Twitter post seen by Pindula News, the self-exiled former minister said:
<blockquote>
 May not make sense to many now but anything currency must begin to be anchored by our precious minerals, mined and stored and proven reserves. The return of the Gold Standard is imminent only this time it will be digital… If you follow the debate in the #BRICS even our own #AfCFTA you will understand where things are going globally.
</blockquote>
Zimbabwean politician <a href="https://www.pindula.co.zw/Zvaringeni_Samuel_Chasi">Zvaringeni Samuel Chasi</a>, leader of the opposition People’s Patriotic Party, however, thinks that the RBZ intends to scam people by introducing a gold-backed digital currency. He said:
<blockquote>
Introduction of Crypto Currency by #RBZ is a #PonziScheme and Fraudulent. Individuals, Pensioners, Companies, Investors, etc are being owed #Trillions diverted for personal use over past decades with no single arrest or compensation. Citizens are open to rather Trade on.
</blockquote>
Simon Musvosve also expressed similar concerns, calling for the stabilization of the local currency instead. He added that people’s trust in digital currencies is decreasing due to too much risk involved. He said:
<blockquote>
Give us the old, real, crispy dollar note-remember the ones Governors Moyana &amp; Tsumba signed- not ravaged by inflation. Otherwise, USD ngoma ndiyo-ndiyo. Simon Musvosve @Musvosve – I keep abreast with new developments. Without going into the geopolitics, I don’t think this will be a panacea for Zim’s currency woes. Our people need workable solutions now. The rest are lofty dreams.
</blockquote>
Economic blogger, Tinashe, Twitter handle Baba_nyenyedzi has also expressed worry about the RBZ’s plan, calling it a crazy move. In a Twitter post seen by Pindula News, he said:
<blockquote>
Gold-backed digital currency. The RBZ is again off the tracks with another crazy idea. If RBZ believes in backing currency with gold why not back their own issued currency ZWL with gold The PMR rate is now 1800 double the Jan rate in four months. Inflation spiralling out of control. Yet RBZ has “gold reserves” to back a digital currency. They should back ZWL with gold and the rate ( including inflation) will stabilize. Surely it’s simple enough.
</blockquote>
The gold-backed digital tokens will be issued in two phases. In phase one, the tokens will be available for investment and will have a vesting period of 180 days. They will be redeemable in the same way as existing physical gold coins and can be purchased through banks using both foreign currency and the Zimbabwe dollar. Banks will create dedicated accounts for holding the tokens. Physical gold coin holders can exchange them for digital tokens through the banking system.
In phase two, the tokens will be tradable and used for Person-to-Person (P2P) and Person-to-Business (P2B) transactions and settlements. The pricing of the tokens in a foreign currency will be the same as the physical gold coins, based on the international gold price determined by the London Bullion Market Association (LBMA) PM fix.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Gold-backed Digital Currency A Scam - Opposition Leader

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has announced the introduction of gold-backed digital tokens to be used “both as a means of payment and a store of value.”
In a statement on Friday, Mangudya said the gold-backed digital tokens will be introduced in two phases, starting on 08 May 2023.
He said tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollars. Reads the statement:
<blockquote>
Pursuant to the resolution of the Monetary Policy Committee (the MPC) on 28 March 2023 to complement the issuance of physical gold coins with gold-backed digital products, the Bank wishes to advise that it will be issuing gold-backed digital tokens with effect from 8 May 2023.
The gold-backed tokens will be fully backed by physical gold held by the Bank.
As previously advised, the issuance of gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.
The issuance and usage of the gold-backed digital tokens shall be in two phases as follows:
<ol>
<li>Phase 1: Gold-backed digital tokens will be issued for investment purposes with a vesting period of 180 days and redeemable in the same way as the existing physical gold coins. The tokens will be available for sale, through banks, in both foreign currency and Zimbabwe dollar. Banks will create dedicated or specific accounts for the holding of the gold-backed digital tokens (e-gold wallets or e-gold cards). Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system, the physical gold coins into gold-backed digital tokens.</li>
<li>Phase 2: The gold-backed digital tokens held in either e-gold wallets or e-gold cards will be tradable and capable of facilitating Person-to-Person (P2P) and Person-to- Business (P2B) transactions and settlements. It, therefore, means that the gold-backed digital tokens would be used both as a means of payment and a store of value.</li>
</ol>
The Bank also advises that the pricing of the gold-backed digital tokens in foreign currency shall remain the same as the pricing model of the physical gold coins as informed or guided by the international gold price as determined by the London Bullion Market Association (LBMA) PM fix.
Payment for the gold-backed digital tokens or physical gold coins in Zimbabwe dollar shall remain at the current 20% margin above the willing-buyer willing-seller interbank mid- rate.
</blockquote>
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