Could be a beginningIt is said that a journey of a thousand miles begins with a single step.
Read an article from Kitco's 'today news'. Apparently the government of Zimbabwe has introduced a gold backed token called ZiG. It is available in physical form or as digital currency.
One ZiG is pegged to gold at par. So one ounce of gold equals a ZiG. The government holds onto the gold which is supposedly open to being audited.
One could probably assume that a ZiG could be turned in for an oz. of AU. There is fractional availability. It seems pretty obvious that the digital form would be much preferred.
It appears that the government wants a medium of exchange to compete with the dollar.
I believe it can and is being used for payment.
It would seem that people would prefer to be paid with a gold backed instrument as opposed to fiat currency. I'd also conjecture that anyone making a purchase with ZiG's is gonna get first dibs on whatever it is they wish to purchase.
Who needs BRICS?