Dubai’s DMCC Plans To Trade Gold Digitally!

Throughout the centuries value for goods or the price has been paid in several ways as it made humans more civilized when it comes to ending the dispute of one’s own goods in exchange for something valuable that benefits both parties.

Although there have been many ways to buy things Gold has been the most relied-on and consistent asset of wealth and consuming goods and services for multiple centuries. There are also ways people earn wealth by other indirect methods and gain income through third-party ways. Investing has been such an option.

Dubai’s Digital Gold Market

The fast-growing pace of our civilization and growing technology made these ways more evolved as they expanded to plenty of ways Blockchain is one of them. It is a process with the distribution of statistics of cryptocurrencies.

Cryptocurrency is a limited non governed source of wealth that has been active since the start of the last decade. Blockchain deals with transactions, recording assets of companies, etc. This helps to keep the records unchanged as the evidence of it still remains untouched.

 

Dubai is on the verge to sanction the trade of these cryptos and blockchains through gold in order to keep the economy and the investments safe for now and for the near future. The Dubai Multi Commodities Centre (DMCC) has launched a new network for investors.

Freezone has announced its collaboration with Comtech Gold to digitally start the venture and record on the DMCC Trade flow, a platform where the ownership of the UAE facilities is registered. The owners would probably never be able to see it or claim it physically but have the right over it.

The gold is secured in vaults under the supervision of DMCC. Xinfin protocol blockchain network along with Comtech gold creates tokens for each gram of gold which comes with a warrant of the Tradeflow company with unique ID and addresses.

Bitcoins and Ethereum are arguably the most popular blockchain network but Dubai has made gold an option. Not just them but the whole gulf community could benefit from the success and soon investors all over the globe could as well.

Apart from gold precious metals like Platinum, Silver, Palladium, and Rhodium are available for investment and a huge amount of land has been kept for the refining of these metals.

The operation officer of the company De Vries told the media expects and assures the expansion of the sales to around 350 countries and bring all the metals and its refinery for investment by 2025. The misconception that their wealth is from oil refining has been broken down.

They mainly enjoyed that privileges from the late 1950s to the 90s. They knew that this could not be an option long term and they started projects at the moment they have had huge investments for centuries in terms of stability.

The main objective of this innovative step is to avoid ‘dirty gold’ by avoiding illegal trades against good integrity and keep the nation a step ahead of the curve. They’re keen to extend their economy and infrastructure through these innovations and maintain their label of being a financial and developing capital over the globe.

The economy of Dubai is one of the fastest growing in the world and take steps to practice any capital profiting schemes. Their investors in the long run are the ones who get benefitted in the long run as the returns and gains are larger than they can presume. As Dubai seems untouchable to hard times for a long time.