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Shopping can be paid in gold

Shopping can be paid in gold, gold, cryptocurrency

Shopping can be paid in gold, gold, cryptocurrencyMore than cryptocurrency, henceforth the people tired of traditional currencies will be able to pay their shopping with the gold. There is no need to follow Scrooge McDuck's footsteps, with a pocketful of gold doubloons. And you do not even have to be as rich as the famous Walt Disney character.

To find the solution, by ferrying the precious metal in the digital era, has been Glint. A London startup – authorised by Fca, and flanked by Mastercard and Lloyds Bank – that has just put on the market a cash machine and an app that allow you to pay the bills electronically with the oldest payment method in the world. The gold response to Bitcoin, assuming that the competition exists.

In practice, the customer opens a virtual account and downloads the app. When he has to make a purchase or transfer a sum, he chooses from time to time whether to do it in currency (for now only British Pounds, but soon also Euros, US Dollars and all major currencies) or in gold.

In the latter case, fractions, even minimum, of allocated ingots are used, kept in Switzerland in a caveau of the Brink company, accredited by the London Bullion Market Association (LBMA).

The exchange rate is the official one, and "for users there is no hidden costs," says Glint, who received financial support from Tokyo Commodity Exchange (Tocom) and NEC Capital Solutions.

Jason Cozens, Glint's CEO and co-founder, defines the application's debut as a "historic event", squeezing the eye to the many nostalgics people of the gold standard, convinced that the Bretton Woods agreements had laid the foundation for emptying of value any currency. "Unlike paper coins," says Cozens, "gold cannot be swept away, devalued or altered".

"We want to create a more equitable form of money," adds Ben Davies, former hedge fund manager and Cozens shareholder, "by offering the choice and control of how to protect their money in an era when central banks print more currency by reducing their value".

 

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