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]
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.[4][5]
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.[6]
A total of 736.5 kg was bought by corporates and individuals as of 28 February 2024, under this scheme.[7]
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