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Return to the gold standard - SEBA Swiss bank launches first regulated gold token

Return to the gold standard - SEBA Swiss bank launches first regulated gold token

On December 15, 2021, SEBA Bank issued a regulated digital token (Gold Token) backed by real gold with an exchange guarantee. The bank believes that due to its regulatory compliance and the low volatility of gold prices, such a token can be used as a gold stablecoin. In fact, such a Gold Token entitles its owner to possess physical gold.

In other words, SEBA decided to revive the long-forgotten gold standard concept used by many fiat currencies until they lost it in the twentieth century. Let us recall that this process was launched in 1971 by the President of the United States, Richard Nixon when he decided to abolish the U.S. dollar pegging to gold. Such a decision effectively announced the abolition of the gold standard worldwide, given the dollar's status as the world's reserve currency. Until then, there was a rule according to which 35 dollars could be exchanged for one ounce of physical gold under the 1944 Bretton Woods Agreement.

So then, all countries one by one followed the example of the U.S., and now no country in the world no longer pegs its national currency to the gold standard.

As a reminder, SEBA Bank has been offering its customers to buy and trade cryptocurrencies on its platform since November 2019. Moreover, it is the first bank in Switzerland to be licensed as a custodian of digital assets (CISA license).

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