以下轉載 Ronald Leung 於原刊日期發表的評論。觀點、邀請及產品資料反映發表當時的情況，並不構成投資建議、要約、回報保證，亦不代表產品目前可供使用。
Picture a salary that never sits in a currency.
Payday in Tokyo. The yen has slipped again when the salary hits the bank account. So instead of holding it in yen, the whole amount goes into gold (tokenised gold).
Friday night, dinner. The gold pays for it.
It's not new to picture savings in gold. But being able to spend with it is.
We often face this dilemma: hold something that keeps the value but we cannot spend it. Hold something we can spend but it loses value while holding it.
Gold has the potential to remove that choice, if it can do one more thing than hold value.
Today, no form of gold settles a bill.
-> not paper gold (issued by bank) -> not gold ETF -> and not even gold bars
So the key question for tokenised gold is never about creating the token, but what it can do. Can it be used as a medium of exchange for settlement purposes beyond holding up its value (which is what existing instruments already do)?
Disclosure: Esperanza operates a tokenised gold business, including ESPG. The exchange uses described here are prospective, not services offered today.
—— 讓我們翻開法例。每週帶來新的解析。