The Singapore Exchange announced on Monday that its gold coins will be made into digital currency later this month, which is expected to be a boon for traders and investors in the country.
The Singapore Gold Coin Exchange has been operating in Singapore since March.
It began trading in March 2017 with gold coins of up to 1.2 grams in value.
The coins can be exchanged at the exchange for US$2 and other coins in the same denominations, or for gold, silver or platinum.
The exchange is expected sell the gold coins within a week or two, said the exchange’s chief executive, Jihoon Lee.
Gold coins will soon be available for sale at the Singapore Exchange and are being used to buy and sell currencies in the island nation, said Lee.
Singapore has more than 80 sovereign gold coins.
A Singapore dollar coin.
Singapore’s currency is pegged to the US dollar.
The Singapore currency is currently pegged to US$1.50 per Singapore dollar.
In 2017, Singapore added the ability to convert silver coins to digital currencies.
Since then, Singapore’s gold coin exchange has also been selling silver to US dollars, and it has started offering gold to US dollar denominated purchases.