Digital gold currency (or DGC) is a form of electronic money (or digital currency) based on mass units of gold. It is a kind of representative money, like a US paper gold certificate at the time (from 1873 to 1933) that these were exchangeable for gold on demand. The typical unit of account for such currency is linked to grams or troy ounces of gold, although other units such as the gold dinar are sometimes used. DGCs are backed by gold through unallocated or allocated gold storage.
Digital gold currencies are issued by a number of companies, each of which provides a system that enables users to pay each other in units that hold the same value as gold bullion. These competing providers issue a type of independent currency. The Reserve Bank of Zimbabwe is also issuing the ZiG, a digital token backed by gold, which has also been granted legal tender status.[1][2]
^"ISSUANCE AND USAGE OF GOLD-BACKED DIGITAL TOKENS" (PDF). Reserve Bank of Zimbabwe. 28 April 2023. Archived (PDF) from the original on 10 June 2023. Retrieved 9 November 2023.
^"INTRODUCTION OF THE ZIMBABWE GOLD-BACKED DIGITAL TOKEN (ZiG) AS A MEANS OF PAYMENT" (PDF). Reserve Bank of Zimbabwe. 5 October 2023. Archived (PDF) from the original on 10 October 2023. Retrieved 9 November 2023.
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