Gold-backed digital currency ditches the blockchain


By Ian McKendry
American Banker, New York
Wednesday, December 30, 2015

WASHINGTON -- A new digital currency backed by gold is billing itself as a more compliant, liquid and ultimately reliable store of value than decentralized systems such as bitcoin.

CMO Inc., doing business as COEPTIS, has been beta-testing its digital currency platform for two months and over the next two weeks will be expanding its membership to the invitation-only platform.

COEPTIS issues its own digital currency, calling it Global Standard Gold, which is backed by physical gold and held in a trust account. The digital currency is issued after a licensed financial institution, acting similarly to a primary dealer, acquires the gold on the open market and deposits it in the trust. The institution then notifies COEPTIS, which issues the proprietary currency.

The currency is meant to bridge the gap between physical and digital currencies. Because it is backed by gold and held in a trust, in theory it can be liquidated at market value at any time. ...

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