World Gold Council [WGC] published the report, A New Golden Age: Imagining the Future of Digital Gold. In the report, David Tait, CEO-WGC said, the rapid advancement of technology to meet the changing needs of our global society and economies has the disruptive potential to change the world as we know it. For the global gold industry that potential is vast, offering the opportunity to drive change not just in the sector itself but the opportunity to improve accessibility and transparency, enriching lives and societies around the world.
The report says, while change is inevitable, predicting the future is less certain. Yet, it is important that we take stock of known innovations in our field and explore what may be possible for a future with digital gold at its heart. In partnering with The Future Laboratory, we have sought not to predict that future or to be limited by what we know today but instead to explore what could be possible. Alongside their unique perspective
on the trends shaping the future, it incorporates the perspectives of business and academic leaders at the cutting edge of innovation and change.
Together we ask ‘what if…?’ as we explore future innovations and scenarios to imagine the potential of digital gold. The World Gold Council does not approach this question from a standing start. We know digitalisation of the gold industry is critical to ensuring that gold continues to be a timeless and trusted asset now and in the future. Our pioneering Gold247 programme aims to harness digital innovation to increase the trust, transparency and utility of gold and ultimately unlock demand for the asset.
The foundation of Gold247 is our Gold Bar Integrity (GBI) programme, an international database of gold
bar custody and provenance to provide increased confidence that gold bars have been responsibly mined, refined and traded. The programme is critical in helping investors know that their gold has been produced and refined within a ‘trusted eco-system’. Wholesale Digital Gold is the next major step, creating a legally robust and technologically neutral framework for gold ownership and settlement that could enhance how gold is owned, traded, and utilised.
This could unlock opportunities for fractional ownership and new use cases for gold payment and collateralisation. The Standard Gold Unit (SGU) concept is our latest initiative. It is a global standard of digital gold that uses digital technology to separate the monetary value of gold from the physical asset. It allows gold to
be mobilised and used more flexibly in financial and retail markets for a wide range of investments. We consider these steps to be substantive progress towards the digital transformation of gold and, yet, we know we stand only at the threshold of change and innovation that digitalisation will make possible.
“My hope is that this report inspires the industry, investors and the innovators beyond it to rethink their perception of gold. It is an established, strategic asset today, but could be recreated into a digital asset for tomorrow,” said David Tait.
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