$5,24 billion worth of Gold-Backed Digital Tokens sold

THE Gold-Backed Digital Tokens (GBDT), known as Zimbabwe Gold (ZiG), on Tuesday mopped $5,24 billion, the highest in the past week with a total milligrams of gold purchased during the sales amounting to 4,86kgs of gold and cumulatively a total of 736,5kgs of equivalent gold has been purchased to date.

In October, the Reserve Bank of Zimbabwe (RBZ) injected ZiG in the market as one of the means of payment for domestic transactions, over and above its value-preservation purpose.

Apart from serving as an investment instrument, ZiG is envisaged to bring additional convenience to the country’s payment systems.

The ZiG is a phase for transacting GBDT that was put in place for value preservation purposes.

ZiG is meant to be an additional payment method alongside existing payment platforms such as the Zimbabwe dollar as well as the US dollar among other currencies.

In a statement on Tuesday, the RBZ said 12 bids were received.

“The RBZ would like to notify the public of the results of the RBZ Gold Backed Digital Tokens Issue No 22/20/2024 held on Tuesday 27 February 2024.

“The bank received 12 applications valued at $5,24 billion to purchase GBDT and the full amount was allotted,” the bank said.

According to the Central Bank, the highest amount mopped up was on February 7 with $27 billion from 23,43 kgs of gold sold.

That was a massive leap from the previous days of $3,5 billion.

On February 1, the bank received 13 applications valued at $17 billion.-chronicle