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GBDT (digital token)

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Investment instrument

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. The digital coins are not loanable.

Background

Zimbabwe 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.

Features

The value of one GBDT token unit was defined as one milligram of 99% fine gold on the first day of trade for the currency.

Performance

A total of 736.5 kg was bought by corporates and individuals as of 28 February 2024, under this scheme.

See also

References

  1. "RBZ unveils new currency – The Herald". www.herald.co.zw. Retrieved 2024-04-08.
  2. "RBZ Mandates Conversion of All Zimdollar Balances to ZiG". 2024-04-05. Retrieved 2024-04-08.
  3. Weekly, eBusiness (2023-08-29). "Zimbabwe Gold (ZiG) not loanable – RBZ". eBusiness Weekly. Retrieved 2024-04-08. {{cite web}}: |first= has generic name (help)
  4. "Zimbabwe's central bank launches new digital transacting currency-Xinhua". english.news.cn. Retrieved 2024-04-09.
  5. "Zimbabwe plans to launch digital currency backed by gold". AP News. 2023-04-28. Retrieved 2024-04-09.
  6. "NATIONAL ASSEMBLY HANSARD 14 DECEMBER 2023 VOL 50 NO 21". Parliament of Zimbabwe. Retrieved 2024-04-06.
  7. "Gold Sold". Chronicles Zimbabwe. 2024-02-28. Retrieved 2024-04-09.
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