According to the Yangon Region Gold Entrepreneurs’ Association, they are implementing a program that allows gold to be deposited in the bank and traded through Paper Bank.
Paper Gold trading system involves depositing gold in a bank and issuing a Gold Certificate Card.
Instead of gold, you can use the card issued by the bank to resume trading.
“The bank will sell gold through paper to create a world-class gold market,” said Myo Myint, chairman of the Rangoon Gold Entrepreneurs Association, at a meeting on October 16.
The association says the system will help build a world-class gold market and stabilize gold prices. The association said it was currently in talks with a local bank, Shwe Bank, to implement the system.
According to the association, gold will be able to be traded online through this.
“The world system and the Myanmar system will be able to buy and sell together,” he said. At present, the country’s financial system; The cash flow of the banks; And our Wifi is often broken. Once all this is done, you will be able to connect and trade online with Shwe Bank. All traders will be able to trade online, ”he said.
Current political situation; Due to the non-functioning banking system, only a small number of people are involved in the Paper Gold trade and it is considered difficult to succeed.
After the military coup in Burma, public confidence in the kyat and the local banking system waned and gold prices skyrocketed.
At the end of September, the kyat hit a record high of over 22 lakh kyats and is currently trading above 18 lakh kyats.