Commodities

IBMC Financial Professionals Group to create awareness on digital gold currency in India

Our Bureau Kochi | Updated on July 17, 2020 Published on July 17, 2020

Those holding physical gold in vaults can convert their holding into digital currency

The UAE-based IBMC Financial Professionals Group plans an awareness campaign in India on its recently launched digital gold currency initiative.

The company has joined hands with US Gold Currency Inc and Blockfills, the transaction platform provider, to bring the world’s first monetary gold-backed digital gold currency to the Gulf Cooperation Council (GCC), Middle East, Africa and India.

According to PK Sajith Kumar, CEO & MD, IBMC Financial Professionals Group, the introduction of digital gold currency has opened a window for Indian banks, large corporates, financial institutions, wealth management companies to eliminate their currency fluctuation risks, gold storage and hedging costs by shifting from physical to digital gold. The system is regulated by the US Authority and the blockchain-enabled digital structure will ensure more protection and eliminate fraudulent gold transactions across the globe, he said.

Those who are holding physical gold in vaults can convert their holding into digital currency and jewellers, instead of pledging their physical gold can use the digital assets for pledging or as a lien. The holders of the currency can redeem their digital assets as physical gold coin or in US dollars anywhere in the world, he said.

IBMC is introducing a digital asset to customers ranging from retail and corporate investors, banks, financial institutions and sovereign wealth funds to treasuries and asset management companies, he added.

During these times of Covid pandemic and volatile markets when all currencies are fluctuating, corporates and banks holding different currencies can shift their currencies to gold-backed digital assets to avoid currency risks. IBMC plans the awareness programmes through webinars and other series of programmes, he said.

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Published on July 17, 2020
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