"Tokenization leverages blockchain technology's speed, transparency, and programmability to combine with gold's intrinsic value, allowing gold to be moved, settled, and deployed in financial transactions in real-time."
"Despite its 6,000-year history as a trusted store of value, physical gold is confined, expensive to transport, and slow to trade, making it difficult to integrate into modern digital finance."
"Lim explained that gold is considered a ribbawi asset in Islamic finance, making it subject to the prohibition of riba (interest/usury), which enhances the appeal of tokenized gold for Islamic institutions."
ComTech Gold is a digital asset platform that tokenizes physical gold, issuing a 100% gold-backed token called CGO on the XDC Network. Lim Say Cheong, Chief Adviser for Digital Assets at ComTech Gold, emphasizes the importance of tokenization in addressing liquidity issues in gold, particularly for Islamic finance. Tokenization allows for faster, transparent, and programmable transactions, overcoming traditional limitations of physical gold. This innovation is particularly appealing to Islamic institutions due to gold's status as a ribbawi asset, which is subject to specific financial regulations.
Read at news.bitcoin.com
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