World Gold Council can develop a digital form of gold to revise London’s physical market of $ 900 billion for the yellow metal, Financial Times (Ft) reported Wednesday.
Every unit of digital gold or “total gold interests” (PGIS)would allow investors to buy some kind of fraction ownership in gold gold. The product will be tested with commercial participants in London, such as larger banks and commercial houses that start in the first quarter, the report says.
Digitization is a requirement that gold to expand its reach of the market, World Gold Council CEO David Tait said in an interview with the newspaper.
“We are trying to standardize the digital layer of gold so that the various financial products used in other markets can be used in the gold market in the future,” Tate said.
Gold hit a record price of over $ 3,550 per Ounce this week, after doubling in the price of the last two years, as its reputation as a safe garden active continues to be carried in the midst of geopolitical tensions.
World Gold Council did not immediately respond to Coindesk’s request for further comment.
