Live! Webmoney Gold Currency-1 WMG equals 1 gram of Gold
by 
Mark on July 24th, 2007
Some very exciting news from the Webmoney team…. Their new digital GOLD currency, WMGold, is now live. (WMG purse) .
All funds located in a WMG purse are 100% backed by gold bullion. The main agent I’m directed to is Metdeal.com and the price per gram (bid-ask) is posted on their web site. Or if your Russian is good, visit WebMoney exchanger wm.exchanger.ru. It will also soon be possible to buy gold using other authorized e-currency exchange services and the usual variety of payment methods.
Currency rates inside the Webmoney system will remain on the same exchange mode as they have always been. However, since the price of gold moves each day, the price of a WMGold unit will fluctuate. Transacting an exchange between existing Webmoney currency- WMZ, WME, WMR and others will also be on a floating rate, as the value national currency remains constant in their system and gold fluctuates.
To open a WMG purse, you will have to download the awesome new version of the Webmoney Keeper software which includes WMG. I’m setting it up now and should have some grams later today so we will definitely have more news and information later this week.
Webmoney registration is free and you can use the account immediately - so get started today. For existing WM-users: Download Keeper Classic Current version: 3.5.0.1 Sign in to Keeper Light
Exchange agents desiring to buy WMG need to become a MetDeal Partner, which requires some of the usual WM Passport verification paperwork and a new style contract. All Webmoney agents and business affiliates must complete some paperwork in order to transact business in WMG. Its always good to see a financial company clearly identifying who is offering their products.
Luckily for WMG agents Metdeal.com has only a $1,000 USD minimum purchase so a lot of both large and smaller agents will be participating.
For all of you readers wondering if delivery of your WMG can be arranged, Yes…from their web:
To get Gold , you need to to send a request to WM Metals FZE with a subject “Requesting Gold Delivery” and stipulate the following:
- Gold net weight you wish to obtain.
- WMID and G-Purse number.
- Preferable date of getting gold bullions.
Delivery Instructions together with the Invoice will be sent to you. Gold is issued in the United Arab Emirates in a form of gold bullions available to WM Metals FZE.
Metdeal FZE is a registered United Arab Emirates Company and licensed accordingly for the purchase and sale of precious metals (primarily gold). Metdeal FZE undertakes a required annual financial audit. Gold storage and transportation is carried out by licensed depositories as per international rules and standards. All operations are performed with gold bullion as per worldwide quality standards and purity of not less than 995.0 ( nine hundred ninety-five point zero).
Just in case you are wondering, the web site is available in English and Russian.
This is a remarkable product the Webmoney team has created. Using cash from hundreds of thousands of walk in locations worldwide you will be able to purchase digital gold.
Tags: 1MDC, Digital Gold Currency, e-bullion, Gold, Pecunix, web-money, WebMoney, webmoney-gold, webmoney-transfer, wm-customer, wm-purse, wm-top-up, WME, WMG, wmtransfer, WMZ| 3.0 |
Related Stories
POSTED IN: Digital Gold Currency, WebMoney
9 opinions for Live! Webmoney Gold Currency-1 WMG equals 1 gram of Gold
Jul 24, 2007 at 1:20 pm
Nice. Now if I can just figure out how to generate and use the digital certificate for Keeper Light.
I’m guessing it starts with “run openssl from the command line,” but I haven’t found the explicit instructions yet.
Jul 24, 2007 at 10:20 pm
“995.0 pure”? Sounds like they are using Soviet era coins to back their currency. I still have one of those.
Still, interesting that they would use their “own” coins and ship them to storage in Dubai, rather than just buying it there.
Thank God that they have such a cumbersome interface. Without it, they’d probably give e-gold a run for their money to become the default gold currency online.
Our own Russian-language interface is scheduled for September, by the way ;o)
Cheers,
Robert.
Jul 25, 2007 at 11:39 am
WMG uses international standards for fineness (not less then 995) and for VAT also.
The minimum fineness according to LBMA and DMCC is ….correct 995.
If you spent some time u’d see it.
Ok…http://www.lbma.org.uk/GD%20Rules%20200706.pdf (sheet 9) and http://www.dmcc.ae/PDF/DMCC_DGDRules_Mar07.pdf (sheet 4).
Where is the Soviet era ?!
Jul 25, 2007 at 3:22 pm
Hey Vlad,
I simply based my assumption on the fact that the Soviets were selling .995 fine Gold Rouble coins in the West. I have no clue if they were available in the S.U. as well, but the memory just popped up in my head when I read .995 pure.
From there I made the mental jump that they might have shipped coins to Dubai, and was puzzled why they would do that, hence my post.
Thanks for the links, it now makes more sense ;o)
Cheers,
Robert.
WebMoney and cashU Form A New Strategic Partnership
Aug 2, 2007 at 7:03 am
[…] popular with many local customers in Russia and the CIS countries. I often write about Webmoney (1,2,3,4,5) They recently started offering a Gold purse […]
DGC Blog - Digital Gold Currency Blog » WebMoney and cashU Form A New Strategic Partnership
Aug 2, 2007 at 7:13 am
[…] popular with many local customers in Russia and the CIS countries. I often write about Webmoney (1,2,3,4,5) They recently started offering a Gold purse (WMG). This new cashU partnership is evolving […]
Webmoney Reaches 4 Million Customer Registrations
Aug 29, 2007 at 6:04 am
[…] Transfer has also recently launched its own digital gold currency purse. These new digital units are backed by gold bullion reserves. WMG or Webmoney Gold is a lively […]
DGC Blog - Digital Gold Currency Blog » Webmoney Reaches 4 Million Customer Registrations
Aug 29, 2007 at 9:01 am
[…] Transfer has also recently launched its own digital gold currency purse. These new digital units are backed by gold bullion reserves. WMG or Webmoney Gold is a lively […]
Liberty Reserve Goes For Gold
Mar 17, 2008 at 10:56 am
[…] Money World) Webmoney did it last year in July by introducing WMGold. With the declining US Dollar, it seem Liberty Reserve is picking up the gold standard footstep as […]
Have an opinion? Leave a comment: