Digital gold biz: WGC asks Finmin, RBI to draft guidelines

Kolkata: World Gold Council (WGC) has made presentations to the Union finance ministry and Reserve Bank of India to come out with appropriate guidelines and regulatory framework for digital gold business in India. The council has asked the authorities to introduce checks and balances to ensure that the gold bought digitally by the customers is protected.

It has also asked to put in place a transparent way to buy and hold gold digitally. According to WGC, over 120 million customers have bought digital gold so far, with nearly 40 million customers holding it currently.

Sachin Jain, regional CEO, India, WGC, said: "There is a need to facilitate orderly growth of the digital gold market to protect and promote micro savings in gold through transparent digital gold channels and to deter any unscrupulous fly-by-night operators from misusing the emerging opportunity. Government should consider bringing out appropriate guidelines and regulatory oversight for a digital gold business aligned with the broader economic agenda on digitalisation of assets."