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#ZIG Zimbabwe Introduces New Gold-Backed Currency: ZiG

Zimbabwe has launched a new currency called ZiG, which stands for "Zimbabwe Gold." This move aims to help stabilize the country's economy, which has been facing troubles for the past 25 years.

The new banknotes, ranging from 1 to 200, are backed by gold. The central bank governor, John Mushayavanhu, revealed that the value of ZiG will be determined by the market.

This currency replaces the previous one, RTGS, which had lost a significant amount of its value. Inflation has been high, reaching 55% in March.

People have 21 days to exchange their old, inflation-affected notes for the new currency. However, the US dollar will still be accepted for transactions, as it is the preferred choice for most people.

The introduction of ZiG banknotes and coins aims to address the shortage of US coins, which has led to receiving change in items like sweets and pens.

Mushayavanhu assured that the amount of ZiG in circulation will be backed by gold or foreign exchange to prevent loss of value.

Zimbabweans have been wary of the central bank since the 2008 crisis when the government printed large denomination notes amid hyperinflation.

Although promises have been made to prevent overprinting, some remain skeptical about the new currency's success, emphasizing the need for government discipline.

This currency launch coincides with the country facing challenges from a severe drought.
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Announcement: New Cryptocurrency Listings on Binance

Binance will add Simon's Cat (1000CAT) and Pudgy Penguins (PENGU) to various services, including Simple Earn, Buy Crypto, Convert, Margin, and Futures.
Details on each service are outlined below:

Simple Earn

1000CAT will be available for subscription from 2024-12-17 09:00 (UTC)

PENGU will be available for subscription from 2024-12-17 14:00 (UTC)

Buy & Sell Crypto

Users can purchase 1000CAT and PENGU via payment methods like Visa, MasterCard, Google Pay, and Apple Pay, as well as with wallet balances.

Convert

1000CAT and PENGU will be available for zero-fee trading against BTC and USDT on Binance Convert starting 2024-12-17.

Margin

1000CAT available on Cross and Isolated Margin from 2024-12-17 11:00 (UTC).

PENGU available from 2024-12-17 16:30 (UTC).

Futures

The PENGU/USDT Perpetual Contract will be launched on Binance Futures with up to 75x leverage at 2024-12-17 16:15 (UTC).

Important Notes:

Newly listed tokens can be volatile.

Binance reserves the right to amend or cancel this announcement at any time.

Users are encouraged to adopt strict risk management strategies.

For more details on trading and available guides, visit Binance’s resources.

Thank you,
Binance Team

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