GBDT (digital token)
 | It has been suggested that this article be merged into Zimbabwe Gold. (Discuss) Proposed since April 2024. |
Gold-backed digital token, abbreviated as GBDT is an investment instrument used in Zimbabwe.[1] It was formerly known as ZiG, but its name was taken by a newly created gold backed currency, thus renaming to GBDT.[2][3] The digital coins are not loanable.[4]
Background[edit]
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.[5][6][7]
Features[edit]
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.[8]
Performance[edit]
A total of 736.5 kg was bought by corporates and individuals as of 28 February 2024, under this scheme.[9]
See also[edit]
References[edit]
- ^ Insights, Ledger (2024-04-08). "Zimbabwe switches to gold-backed ZiG currency, inspired by digital token". Ledger Insights - blockchain for enterprise. Retrieved 2024-04-08.
- ^ "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 launch new digital transacting currency". Mariblock. 2023-10-09. Retrieved 2024-04-09.
- ^ "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.
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