Digital gold currency (or DGC) is a type of electronic money based on ounces of gold. It is a sort of representative money, similar to a US paper gold certificate at the time (prior to 1933) that these were negotiable for gold on demand. The usual unit of account for such prevalence is the gold gram or the troy small amount, though other units for example the gold dinar are occasionally used. DGCs are backed by gold throughout allocated or unallocated gold storage.
Digital gold currencies are concerned by a numeral of companies, every of which offers a system that facilitates users to pay each one additional in units that clasp the similar value as gold bullion. These opposing providers matter independent currency, which usually carries the similar name as their company. In expressions of the most well-liked providers, e-gold has the maximum number of users and GoldMoney seize the maximum quantity of bullion (as of January 2007).
As of April 2008, DGC supplier detained in excess of 9.6 metric tonnes of gold as released reserves, which is worth just about $280 million, which is a 47% increase since January 2007.