RBZ to refine ZiG framework

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THE Reserve Bank of Zimbabwe says it is going to refine the framework around the recently introduced gold-backed digital tokens, known as Zimbabwe Gold (ZiG).

The gold-backed digital tokens, which were introduced in May to supplement physical bullion coins and allow for wider trade in the asset, can now be used in peer-to-peer transactions. The monetary authorities first introduced physical gold tokens — Mosi-oa-Tunya coins — in July last year in a bid to lower inflation and stabilise the local currency, which was rapidly losing value against the US dollar.