China News by Thebittimes.Com

Inspired by the BRICS de-dollarization agenda, Zimbabwe launched a new gold-backed currency, the ZIG, early this year to take on the US dollar. The gold-backed currency was launched in April 2024 to reduce the circulation of the US dollar in the country. Surprisingly, ZIG is gaining steam across Zimbabwe and 40% of payments are being initiated in the new currency by citizens. Also Read: More Than 50 Countries Could Accept BRICS Payment System While 40% of payments are being settled by citizens, the government settles 80% of transactions in the gold-backed ZIG. This comes from the playbook of BRICS where the alliance aims to make the US dollar a secondary currency. The bloc convinces developing nations to use local currencies to strengthen their economies. Also Read: 47 Countries Ready To Join the BRICS Alliance BRICS: Gold-Backed ZIG Currency Grows in Zimbabwe, Only 60% Transactions Settled in US Dollar Source: news.bitcoin.com ZIG has eaten up 40% of all transactions leaving the US do...

While BRICS is explaining the merits of de-dollarization to other countries, Zimbabwe is in dire need of the US dollars to survive in a dysfunctional economy. Citizens of Zimbabwe are avoiding their local currency due to hyperinflation that’s engulfed the country for a decade. Zimbabweans have taken refuge by hoarding US dollars to beat inflation which helps them survive financially. Also Read: BRICS : Iran Proposes New Ambitious De-Dollarization Campaign Fintech companies in the US are providing them the service by flying planeloads of hard cash in the US dollars to Zimbabwe . At least thrice a week, a private jet lands in the guarded part of Robert Gabriel Mugabe International Airport in Harare. The private jet carries millions worth of hard cash in US dollars packed in various bundles. This comes at a time when BRICS is trying to make other countries distance themselves from the US dollar. Also Read: BRICS : Every African Country Preparing To Join the Alliance BRICS: US Finte...