English media: World Gold Council is planning to launch "digital gold"

According to the Financial Times, the World Gold Council is seeking to launch a digital form of gold, which could create a new way of trading, settling, and collateralizing gold, potentially fundamentally changing London's $900 billion physical gold market. David Tait, CEO of the World Gold Council, stated in an interview that this new form will make it possible for "gold to be used as collateral, for the first time digitally within the gold ecosystem." While many investors value gold precisely because of its physical nature and lack of counterparty risk, viewing it as a safe-haven asset, Tait believes gold needs to be digitized to expand its market coverage. Tait explained, "We are trying to establish a standardized digital layer for gold, so that in the future it can be used in the gold market like various financial products in other markets. My goal is that many asset management companies around the world will suddenly view it in a different light."