The first permit for online trading of gold was issued in a limited manner and with an activity waiver agreement. Based on this, the first trading and storage platform for precious metals was accepted in the specialized sandbox of e-commerce.
According to Iran digital economy annotation, today (August 29) the first online gold buying and selling platform was accepted in the specialized e-commerce sandbox. In the last two years, the permission to buy and sell gold online was accompanied by a ban, and from today, with the permission of the Ministry of Privacy, the first platform in the intelligent trading system and storage of precious metals was accepted in the specialized e-commerce sandbox. Based on this, the “Daric” platform can be a limited platform for buying and selling and storing precious metals.
Amin Kolahdoozan, the head of the E-commerce Development Center, in response to the attached question about the method of gold pricing in online transactions, said: In the agreement made with the members of the working group, the method of gold pricing through online and using API, in the three main gold markets of the country, i.e. Tehran, It will be Isfahan and Mashhad. In fact, the announced price of the platform is the average price that was asked from the three mentioned markets. Also, the platform cannot be priced independently.
He said about the method of accepting the first company in the specialized e-commerce sandbox: Last year, about 25 meetings were held in the specialized sandbox committee to identify the risks and opportunities of this company, and in the last days of the year, the Daric platform was approved as the first platform in the field of gold storage and trading.
Kolahdoozan continued: In May of this year, this platform was approved by the steering council, and based on this approval, the permission to ignore the activity of this platform was issued last week.
It took 2 years to issue the first license for online trading of gold
Alireza Shahmirzaei, deputy of services and trade of the Ministry of Security, said about the system: Two years ago, we entered the topic of online gold transactions and announced that smart systems should be set up in the field of buying and selling gold. At that time, the concern of the regulatory body and the monetary and banking sector in this regard was correct, and problems such as the Samen coin and other cases that occurred in the field of empty selling of gold and coin credit were more of the cause.
Shahmirzaei said about the ban on online buying and selling of gold and precious metals: The decision to ban online trading of precious metals was taken by the previous government, and I wanted to lift this ban at the beginning of my work in the Ministry of Security, which surprised me with the volume of news coverage. But this ban continued until today; I believe that if we want to prevent issues like Samen’s coin, we must find new solutions that are accompanied by transparency.
He continued: In the last two years, we could not reach this consensus among other institutions, and now this consensus has been reached among the decision-making and monitoring institutions. In the mentioned platform, gold storage is done with the participation of the National Bank and the monetary and financial standards are mentioned. Also, in addition to the platform itself, a third party also informs users of the asset amount, which is a kind of confirmation, and this third party can be a bank or an e-commerce development center.
Shahmirzaei explained about the role of banks in the online buying and selling platforms of precious metals: Banks have only maintenance duties in this process and do not perform any services and operations, and all operations and services in this area are carried out by the platform under the supervision of the Electronic Commerce Development Center. With this process, we have realized the guarantee of people’s assets, because it is not possible to withdraw through the platform, and this operation is carried out with the presence of the guarantor.
He continued: It is a caricature for someone to think that all the country’s money will be converted into gold. We want the credit of gold to be used as confirmation and in people’s daily purchases and their property to be protected. This time, if no one prevents, the people will welcome this plan very much.
Ahmad Noruozi, the secretary of the integrated working group for the management and coordination of the test environments of the Ministry of Economy, said about the performance of the sandbox: In the sandbox, the need for an interdisciplinary approach is very important. The private sector and government bodies should cooperate with each other more than ever. The sandbox environment has created a common playground for identifying concerns and introducing sector regulators to new business models.
He explained: The working group started its work in 2020 and today the regulators have taken a proper shape and the central bank, the stock exchange organization, the e-commerce development center, the Ministry of Communications and recently the Ministry of Health have set up their sandbox.
Kargoshaee Bank Gold Warehouse Daric Platform
Daric CEO Abdolreza Asgarkhani said: Daric is the first Iranian coin and the Daric platform is the first online trading and storage platform for precious metals that we tried to launch in the last three to four years.
The CEO of Daric Company continued: “Gold is a factor of fear in the world, and we want to return peace to the household’s investment portfolio by increasing financial intelligence and literacy.”
He explained about cooperation with Melli Bank as the platform’s gold warehouse: Kargoshaee Bank is a subsidiary of Melli Bank and Gold Bank in the country. Kargoshaee Bank cooperates with us as the gold warehouse of Daric platform, and people can make transactions on our platform and receive physical gold at any time. We are responsible for all existing risks.
In the end, Asgarkhani said about the importance of gold credit: With the development of literacy, intelligence and financial health, important changes will definitely occur. Unfortunately, financial health in the country is not in a good condition, and when some goods become more expensive, people line up to buy these goods, while in no country are consumer goods chosen for investment. Investing in gold should be added to the household investment portfolio.
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