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Zimbabweans are well known for their humorous take on life. Do we ever take anything seriously, or has humor become a copy mechanism? Just after the government introduced the Zig currency, people resorted to humor, calling it “Zig Marley after the Jamaican artist who also happens to be the Great Bob Marley’s son, or simply “Ziggy.” I mean, yes, a country’s economy cannot survive on another currency, but will this currency really bring in the change we've all been crying for?
Another question is: is this real money, and can we really call it money when it has a QR code? Well, the simple answer is that the QR offers security when a person makes a payment since it is a gold-backed currency. On that note, we need to debunk the myth that it is actually gold. The answer is no. There is a huge difference between gold-backed currency and gold A gold currency means you walk around the pin gold (24-karat gold, composed of 99.9% gold). When it comes to gold-backed currency under the gold standard, the value of a nation's money is closely correlated with the price of gold. Countries that participate in the gold standard agree to exchange paper money for a set quantity of gold. A nation adhering to the gold standard establishes a price for gold, which it then purchases and sells at that rate.
On whether it will work, your guess is as good as mine because the rate was 18 00 zig dollars, which is equivalent to 1 USD from 13 000. So, will this work? Only time Will tell; besides, we have changed our currencies at least three times. You can rest in the fact that at least the USD is not off the market. We hope to see Zimbabwe thrive once more with our own currency. Another question is: how does this affect your property!
The outhouse RTGS currency was also introduced in an effort to exacerbate the economy, but it failed! But just maybe, since the Zig is backed by gold, things will go smoothly?. The RTGS failed to the point that in the second-largest city of the country, Bulawayo, you would not see any traces of it. They simply adopted the Southern African Rand. But it begs the question: how far can you really go surviving on another nation's currency?
I myself asked this question to a gentleman who was sitting in a taxi and he said, “Well, if we use the Rand as our official currency, we then become completely accountable to South Africa. Meaning to say all the money we have has to go through South Africa first and they will charge a fee on top to use it, and the government doesn’t want to be liable like that and it’s not good for the economy. Besides, a country's adoption of policies geared toward the interests of a stronger country may hinder the weaker country's domestic growth, accelerate environmental destruction, or create temporary growth that precludes sustainable development. Foreign dependency generally fosters
Then I asked him, but ain’t it the same with the USD? He then said we’ll U.S.A. is not very near to us, so the control is a bit manageable. So basically, we are saying that as a nation, we cannot stand alone? So I would say Yay to the Zig money because we are trying to regain our independence. It may work or not, but at least we are trying. Trade in local units has many benefits since it eliminates the need for ongoing conversion into foreign money. They consist of improved economic stability, less reliance on foreign exchange, and more national autonomy.
However, when you look at the previous currencies like Bearer checks, RTGS, etc you would say no. Someone even said they should bring back the same money we used in the 90s! The main reason is that it looks nice, and it was real money! The Zimbabwean government believes that the Zig dollar will bring lasting solutions to exchange rate volatility. This is due to the fact that movements in foreign exchange rates affect the prices of goods on the local and international markets, thereby affecting real estate prices in economies like ours. Therefore, in essence, if this works out, that means the prices of real estate will get steady if the new currency actually performs well against the USD.
With that, let’s look at the appearance of the Zig money. Do you like its appearance? Clearly, most people don’t seem to be keen on it based on past experiences, but let’s give it a try!
Ultimately, I think it will be a Yay soon in the coming weeks because, if I know Zimbabweans, they are always open to opportunities. We will keep updating you and assessing the performance of this new currency, as we hope it will bring us good tidings!
