I look at it this way.... 1 the next leader in gold will be china and Chinese metal exchange will set the price. 2 much better than bitcoin etc, where the backing is well even less than Venezuelan currency. Bear in mind other than speculators, no one advocates digital currency (ps I have a sizable amount as a speculation buy)
Presuming it isn't fractional gold in a paper market. I assume that the Chinese would have a physical backing to it but you never know. They did invent paper money. From another angle, it's an interesting way to store your gold - lend it to your population with a paper promise so grabbing it back is super easy.
Let make a few distinction here, this isnt a Chinese government product, this is tencents product, for all its worth it might not even be gold backed. I dont trust any Bitcoin exchange I trust Tencents more than any Bitcoin exchange -> BUT Tencents is just a mixture of Facebook, Steam, Ebay and Paypal combined into one, I wouldnt use any of them for my saving lol. ICBC - is government backed, so I trust it. Just my2cents
Can any body tell me ,What colour is digital gold? How many bits of binary code gold can be held in your hand? How do you cash in a micro ounce? (My dealer hasn't yet begun distributing these quantities.) Seriously though,so if gifted in micro ounces when it finally rreaches a couple of troy ounces,do you just go to the bank and withdraw it?
Just like Perth Mint program, I presume you can walk into any or designated branches of icbc and take gold or cash when you want to cash out or just have cash transferred to ones bank account.
I see it...I hear it... but I dooon't believe it. It's quite a different concept and sounds pretty cool if that's how the system actually worked.( walking in and simply withdrawing gifted PMs)