Gold-backed digital token, abbreviated as GBDT is an investment instrument used in Zimbabwe. It was formerly known as ZiG, but its name was taken by a newly created gold backed currency, the Zimbabwean ZiG, thus renaming this investment instrument to GBDT.[1][2] The digital coins are not loanable.[3]
Background
editZimbabwe has been struggling with inflation and exchange rate instability since reintroduction of Zimbabwean Dollar in February 2019. In a bid to restore order and stopping speculative behavior on local currency, the central bank introduced a gold backed digital coin, which have some currency features.[4][5]
Features
editThe value of one GBDT token unit was defined as one milligram of 99% fine gold on the first day of trade for the currency.[6]
Performance
editA total of 736.5 kg was bought by corporates and individuals as of 28 February 2024, under this scheme.[7]
See also
editReferences
edit- ^ "RBZ unveils new currency – The Herald". www.herald.co.zw. Retrieved 2024-04-08.
- ^ "RBZ Mandates Conversion of All Zimdollar Balances to ZiG". 2024-04-05. Retrieved 2024-04-08.
- ^ Weekly, eBusiness (2023-08-29). "Zimbabwe Gold (ZiG) not loanable – RBZ". eBusiness Weekly. Retrieved 2024-04-08.
{{cite web}}:|first=has generic name (help) - ^ "Zimbabwe's central bank launches new digital transacting currency-Xinhua". english.news.cn. Retrieved 2024-04-09.
- ^ "Zimbabwe plans to launch digital currency backed by gold". AP News. 2023-04-28. Retrieved 2024-04-09.
- ^ "NATIONAL ASSEMBLY HANSARD 14 DECEMBER 2023 VOL 50 NO 21". Parliament of Zimbabwe. Retrieved 2024-04-06.
- ^ "Gold Sold". Chronicles Zimbabwe. 2024-02-28. Retrieved 2024-04-09.