India to launch digital gold regulatory framework next year

Kolkata: India may roll out a regulatory framework for digital gold as early as next year after the Digital Precious Metals Assurance Council of India (DPMACI) held a series of consultations over the past month with the finance ministry, the Reserve Bank of India and the consumer affairs ministry. The industry-led self-regulatory body was set up three months ago by digital players like SafeGold, MMTC-PAMP, Augmont and fintech platforms – PhonePe and Gullak.

“Consultations are underway to work out a regulatory framework for digital gold players so that the interests of consumers are protected and fly-by-night operators do not get a chance to dupe them.