Metal Price
Scrap Monster
Vulcan
Gold June 29, 2020 07:30:56 PM

IBMC Launches World’s First Gold-backed Digital Gold Currency

Paul Ploumis
ScrapMonster Author
Each Gold digital currency is backed by one ounce US American Eagle gold coin.

IBMC Launches World’s First Gold-backed Digital Gold Currency

SEATTLE (Scrap Monster): IBMC Financial Professionals Group, in partnership with US Gold Currency Inc. and Blockfills to launch the world’s first monetary gold-backed digital gold currency to the Gulf Cooperation Council (GCC), Middle East, Africa and India.

The launch of the US Gold (USG) digital currency was held last week during a specially designed IBMC Hybrid Event by H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman of IBMC Financial Professionals Group and Mr Sajith Kumar PK, CEO & Managing Director of IBMC Financial Professionals Group. The meeting also saw virtual presence of officials from US Gold Currency and Blockfills USA.

ALSO READ:

LBMA: Gold Trade Shifted From New York to London

Digital Gold Trade in India Thrived During Lockdown

Each Gold digital currency is backed by one ounce US American Eagle gold coin. The holders of the currency can redeem it for physical gold coins or sell them on the open market through various digital asset exchanges or through Blockfills in exchange for US Dollars. The USG pricing will follow the publicly available price set by the US Mint every week.

The launch is expected to lead to reduced cost of transaction and increased flexibility of time for making payments. All classes of investors are allowed to invest in USG. It must be noted that there has been a growing demand for gold as a digital asset over the past one year.

Larry Debry, Director US Gold Currency termed the new product as a futuristic and modern gold asset class for the 21st Century.

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox
Facebook Twitter Linkedin Instagram