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“Dubai Commodities” signs a memorandum of understanding for the use of digital assets backed by gold

Dubai – Mubasher: The Dubai Multi Commodities Center (DMCC) signed a memorandum of understanding with Safe Gold, the leading digital gold trading platform in Asia, to enhance Safe Gold’s vision to digitize investment in gold and enable the building of a thriving digital ecosystem for the gold market in the Middle East and North Africa region.

The signing of the memorandum would allow a system of digital certificates backed by gold, starting from the UAE and then throughout the Middle East and North Africa region, according to the Emirates News Agency, WAM.

Physical gold bars will be stored in safe and certified safes with guarantees issued by the Tradeflow platform of the Dubai Multi Commodities Center.

Gold-backed digital certificates will then be available for trading on the Safe Gold platform, providing investors with greater levels of transparency and confidence..

Ahmed Bin Sulayem, Chief Executive Officer and Executive Director of the Dubai Multi Commodities Center, said: “Given the ease of trading digital assets, especially in the gold and precious metals sectors, our cooperation with Safe Gold is a vital step towards consolidating a system for digital gold worldwide.”.

The UAE’s trade in precious metals grew during the first nine months of this year 2022, by a strong rate of 18%, to exceed the barrier of 440 billion dirhams (120 billion US dollars)..(

Thani bin Ahmed Al-Zeyoudi, UAE Minister of Foreign Trade, confirmed, during his speech on the sidelines of the tenth session of the Dubai Precious Metals Conference organized by the Dubai Multi Commodities Center, the UAE’s position as a global center for precious metals trade, stressing the commitment of the UAE, which is ranked seventh in the world in imports and fifth in exports. , to the highest international standards.

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