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Dubai Puts Gold into the Blockchain Issuing Token

2022.11.24

The Dubai Multi Commodities Centre (DMCC), the largest free-trade zone, plans to digitalize gold trading via the partnership with Comtech Gold, the crypto media channel Bitcoin.com reported on November 24.

 

According to the announcement, the Xinfin Protocol (XDC) blockchain network will manufacture the commtech gold token (CGO), a digitalized version of gold. A hybrid blockchain that combines "the potential of public [and] private blockchains with interoperable smart contracts." Each CGO represents one gram of .999 pure gold.

 

Notably, the commtech gold token joins a handful of gold-backed trading digital assets. This year, the Korea Mint Corporation pushed a real gold-based NFT business. After the first "Mini Gold (0.1g) Gift Certificate" using NFT technology was introduced in August of last year, the NFT Gold Exchange was established in November, aiming to improve the accuracy of NFT transactions. This trading feature allows citizens to trade the gold with NFT and request an exchange at any time, if necessary.

 

Source: BITCOIN.COM

Fee policy for withdrawal of virtual assets

The following fees are charged when withdrawing virtual assets from Delio Bank.

Virtual asset type Transmission fee (Gas fee) Withdrawal fee
Bitcoin (BTC) Charged according to network conditions 2,000 won worth of Bitcoin
Ethereum (ETH) Charged according to network conditions 2,000 won worth of Ethereum
Ripple (XRP) Charged according to network conditions 1 XRP

· There is no fee for transfers within Delio Bank.

· No withdrawal fee is charged for virtual assets other than Bitcoin, Ethereum, and Ripple.

· Please check the transfer fee for virtual assets other than Bitcoin, Ethereum, and Ripple when withdrawing.