Guido Bühler, CEO of SEBA Bank, said: “Gold plays an important role in the capital markets. With a market capitalization of more than $ 11 trillion, it offers investors reliable inflation protection and a store of value regardless of economic uncertainties.
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On December 15, SEBA Bank, a digital asset banking platform licensed in Switzerland, launched a regulated digital token that is backed by physical gold and can be exchanged for distribution.
In other words, the design of gold tokens is similar to gold standards, where fiat currencies are backed by their exchangeability for physical gold, beyond the trust entrusted to developing countries. In 1971, US President Richard Nixon lifted the dollar from the gold standard, which stipulated that in the Bretton Woods system of 1944, one ounce of gold could be exchanged for $ 35 each.
Gold-backed currencies are known for their ability to eradicate hyperinflation – a common fear among crypto enthusiasts. However, they also suffer from the downside of the continuation of the economic downturn, as gold supplies have limited the ability of governments to stimulate the economy. No country in the world is currently working to a gold or silver standard.
Bühler explains the development in the following statement:
“Our gold tokens can be redeemed directly at refineries at any time upon request and remove the restrictions on gold ownership for investors and offer a cost-effective solution to the costs of owning useful real estate in the new economy.”
Previously, SEBA started a program that allows users to benefit from cryptocurrency. It is the first bank in the country to receive a digital custody license.
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